According to the data released by the RBI ,India’ banking system reported total deposits of Rs 100 lakh crore for the first time ever in September month of this year.
With demand deposits crossing Rs10 lakh crore and time deposits crossing the Rs 90 lakh crore mark, the month saw the highest-ever monthly rise of Rs 5.32 lakh crore — more than the total deposits in the banking sector 20 years back. Banks’ deposits grew at a CAGR (compound annual growth rate) of 12.88% in the last five years, they had grown at a CAGR of 19.9% in the previous five years.
1. What is compound annual growth rate ?
Sources : Financial express