As on 28 June, bank deposits had grown 11.1% year-on-year, as against credit growth of 17.4%. While acknowledging changes in Indian saving patterns, he exhorted banks to step up efforts to mobilize deposits.
Similarly, finance minister Nirmala Sitharaman, while laying out figures for small savings mobilization in Parliament, highlighted the country’s declining rate of deposit growth.
The outlook of people and their interactions have seen significant changes in recent years. Isolation during covid went with deep digitization. Even as the digital divide has been closing, technology has made many services accessible to large numbers. These include convenient avenues for investment and credit.
The spread of financial literacy, particularly through social media, has led to informed choices being made…
