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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Prez awards 17 children for exceptional achievements
President Droupadi Murmu on Thursday presented the Pradhan Mantri Rashtriya Bal Puraskar to 17 children, recognising their exceptional courage and outstanding achievements across diverse fields, including art, culture, sports and innovation.
LAC situation 'stable but sensitive': Ministry
THE LATEST ASSESSMENT CAME IN A YEAR-END REVIEW OF MAJOR DEVELOPMENTS IN THE DEFENCE SECTOR DURING THE YEAR
China Clears $137 Billion Dam Over Brahmaputra River
The Dam Will Give Beijing Control Over Water Flow to Large Indian Territories, Which Could Pose a Major Security Threat
Defence Minister To Chair Armed Forces Flag Day
Defence minister Rajnath Singh will chair the sixth edition of the Armed Forces Flag Day (AFFD) Corporate Social Responsibility (CSR) conclave in New Delhi on Friday, officials said.
Oh Rangila re!
On one of Delhi's lesser-known but significant graves
Our Target Is To Compete With World's Top Medical Institutions
The All India Institute of Medical Sciences (AIIMS) in the Capital is India's busiest medical institution that handles a daily load of 15,000 outpatients.
26-Year-Old Former RJ Dies by Suicide at Gurugram Flat
Police said the deceased earlier worked as a radio jockey, but currently worked with an advertising firm. She was also a popular social media influencer, with 700k followers.
54-Year-Old Dead in Late Night Crash Near Chanakyapuri
A 54-year-old cab driver was killed early on Thursday when a speeding SUV ran a red light and rammed into his van at the Sardar Patel Marg-Panchsheel Marg intersection in Chanakyapuri.
Saxena Directs DDA To Extend Camps For PM-UDAY Till March
Lieutenant governor (LG) VK Saxena on Thursday directed the Delhi Development Authority (DDA) to extend single-window camps for the Pradhan Mantri-Unauthorised Colonies in Delhi Awas Yojana (PM-UDAY) till March 2025.
BJP's women wing protests against AAP's aid scheme
The women's wing of the Bharatiya Janata Party (BJP) on Thursday staged a protest near Aam Aadmi Party (AAP) convener chief Arvind Kejriwal's residence, accusing him of \"cheating the women of Delhi\" with the proposed Mahila Samman Yojana, a scheme which offers ₹2,100 per month to the Capital's women.
