January 19, 2025 06:38 pm (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Kolkata court convicts civic volunteer Sanjoy Roy in RG Kar rape-murder case | Saif was stabbed repeatedly, he tried to protect Taimur and Jeh: Kareena Kapoor Khan records statement with police | Escaped death by 20-25 minutes: Sheikh Hasina alleges opposition wanted to kill her | Cabinet's decision on 8th Pay Commission will improve quality of life, give boost to consumption: PM Modi | 'It has been an incredibly challenging day': Kareena Kapoor Khan requests privacy after Saif Ali Khan's stabbing incident | 'Distorting history': Mamata slams Mohan Bhagwat over his Ram Temple consecration 'marking true independence' remark | Saif Ali Khan stabbing incident: Actor who received six wounds is out of danger, one accused identified | ISRO creates history docking two Indian satellites in space | US-based short seller Hindenburg Research that targeted Adani Group and SEBI chairperson to be disbanded | Saif Ali Khan stabbed during burglary attempt at home, hospitalised; police probe on
Deposits
Photo courtesy: Pixabay

Continued slowdown in bank deposit growth in June qtr: Report

| @indiablooms | Jul 06, 2024, at 05:14 am

Mumbai: Concerns about a continued slowdown in bank deposit growth persist, with several top lenders experiencing a sequential decline in deposits in the June quarter of FY25, media reports said.

Provisional data from at least 13 banks show a 1.15 percent decrease in deposits compared to the March quarter of the previous fiscal year, according to a Moneycontrol report.

Bank of Maharashtra reported total deposits of Rs 2.67 lakh crore in Q1FY25, a 1 percent decline from Rs 2.70 lakh crore in Q4FY24, the report said.

Similarly, Yes Bank’s total deposits fell by 0.75 percent to Rs 2.64 lakh crore from Rs 2.66 lakh crore during the same period, it said.

Bandhan Bank recorded the steepest decline, with deposits dropping 1.5 percent to Rs 1.33 lakh crore at the end of June 2024 from Rs 1.35 lakh crore at the end of March 2024, the report stated.

HDFC Bank's deposit performance did not significantly impact the market, as its stock had already fallen over 4 percent in trade, according to the report.

Unlike its smaller peers, HDFC Bank did not see a sequential decline in its deposit base, maintaining deposits at Rs 23.80 lakh crore in the June FY25 quarter.

Reflecting the banks' performance, the Bank Nifty index was down 1 percent at 52,573.75 on July 5.

The mobilisation of low-cost current account-savings account (CASA) deposits was also lackluster, the report said.

Many top lenders saw a sequential drop in CASA deposits in Q1FY25, the report said.

HDFC Bank’s CASA deposits stood at Rs 8.63 lakh crore, down 5 percent from Rs 9.08 lakh crore in the previous quarter, it added.

Among private lenders, Bandhan Bank experienced the largest drop in CASA deposits, which fell 11.1 percent to Rs 44,453 crore from Rs 50,151 crore.

Yes Bank's CASA deposits decreased by 1.1 percent to Rs 81,405 crore in Q1FY25. State-run Bank of Maharashtra also saw a 6.6 percent sequential decline in CASA deposits, which stood at Rs 1.33 lakh crore in Q1FY25.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Videos
Nirmala Sitharaman on Budget 2024 Jul 23, 2024, at 09:30 pm
PM Modi on Budget 2024 Jul 23, 2024, at 09:30 pm
Close menu