Scheduled banks reported a growth in deposits in the reporting fortnight ended June 16, 2023, as they continue with high deposit rates even as they are getting good inflows due to deposit of ₹2,000 notes, which the RBI is currently withdrawing from the banking system.
- Also Read: ₹1.8 lakh crore worth of ₹2,000 notes returned so far
Credit growth too jumped in the wake of robust demand from retail, NBFCs and infrastructure segments.
Deposits and credit of scheduled banks rose by ₹3,03,283 crore and ₹4,17,571 crore, respectively, in the reporting fortnight, per RBI data on Scheduled Banks’ Statement of Position in India.
- Also Read: Withdrawal of ₹2,000 note, a prudent step
Following increase in deposits, banks’ investments in Government Securities (G-Secs) and State G-Secs too went up by ₹1,76,019 crore to fulfil the statutory liquidity ratio requirements.
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