Private sector banks have increased their share in term deposits to 35 percent in the second quarter (Q2) of 2023-24 (FY24), up from 32 percent in the fourth quarter (Q4) of 2022-23 (FY23). In contrast, public sector banks (PSBs) lost 200 basis points (bps) of their share in fixed deposits (FDs), declining to 60 percent from 62 percent during the same period.
The market share in the first quarter of FY24 stood at 33 percent for private banks and 61 percent for PSBS.
According to the latest Reserve Bank of India data, FDs of private sector banks have increased to ₹39.52 trillion from ₹33.43 trillion from March 2023 to September 2023 Simultaneously, the term deposits of PSBS have risen to ₹68.28 trillion from 64 trillion during the same period.
Private sector banks have consistently increased their market share since Q4FY23, driven by aggressive client acquisition and the offer of better services.
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