Banks see ₹10,000-crore dip in deposits: RBI data

Have raised nearly 19.6 lakh cr from Jan to Oct this year

- SACHIN KUMAR

DESPITE THE CONVERGENCE of deposit growth with credit growth, banks are still struggling to attract depositors. Banks have raised ₹10,000 crore less in deposits in the first 10 months of 2024 compared to the same period last year.According to data from the Reserve Bank of India (RBI), banks have raised ₹19.6 lakh crore between January and October this year, compared to ₹19.7 lakh crore during the same period last year.

The sluggish growth indicates that while deposit growth has converged with credit growth, this alignment is primarily due to cooling credit demand rather than a significant improvement in deposit mobilisation.