Households are choosing the capital markets over banks to park or invest their savings, highlighted RBI Governor Shaktikant Das during his address at FE Modern BFSI (Banking, Financial Services, and Insurance) Summit 2024 on Friday.
Governor Das highlighted that traditionally, banks were the primary choice for households to invest their money. However, there has been a noticeable change in consumer behaviour, with a growing preference for capital markets and other financial intermediaries.
He noted, "Households and consumers who traditionally leaned on banks for parking or investing their savings are increasingly turning to the capital markets and other financial intermediaries." This trend indicates a broader diversification of household investments into mutual funds and other savings tools, moving away from traditional investment tools.
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