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2024

Deposits lag credit growth as savers look for higher returns elsewhere

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Deposit growth had fallen from a peak of 18% in fiscal ended March 2020 to 10% in March 2022 as savers looked for better returns after a sharp fall in deposit rates due to the extraordinary interest rate cuts by RBI post-Covid. Though subsequent rate hikes have improved deposit growth, it is still low at 14% compared to its peak.