MUMBAI: Faced with the slow pace of deposit growth compared with loan offtake, India's state-owned banks have doubled down on attracting depositors, even at the cost of a potential hit on their margins and profits.
Data from the Reserve Bank of India (RBI) shows these banks have taken their average term deposit, or fixed deposit, rate to the highest in nearly eight years.
In September, the weighted average domestic term deposit rate for public sector banks (PSBs) touched 7%, a first since March 2017. In the same month, private sector lenders offered 50 basis points (bps) lower on term deposits, the data showed. A basis point is one-hundredth of a percentage point.
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