These accounts are primarily being used for distributing government schemes.
Both the Reserve Bank of India (RBI) and Finance Ministry have expressed concerns on numerous occasions over the sluggish pace of deposit growth compared to credit growth. This may lead to asset-liability management problems for Additionally, they have instructed banks to employ innovative methods to accrue deposits. Following this, many banks are exploring previously untapped areas to mobilise deposits while choosing not to engage in interest rate war.
According to the latest RBI data, while credit growth stood at 15 per cent in the fortnight ended August 23, deposit growth was at 11.3 per cent. The figures exclude the impact of the merger between HDFC Ltd and HDFC Bank.
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