The share of private sector banks in total deposits has risen significantly, reaching 34% as of December 2023, up from 25% at the end of the financial year 2017-18. This growth has been driven by aggressive interest rate offerings and improved customer relationship management strategies adopted by private banks.
Conversely, the share of public sector banks in total deposits has declined to 59% from 66% at the end of the financial year 2017-18, according to data from the Reserve Bank of India (RBI).
Advantages of Private Banks
Deposit Growth Comparison
Factors Driving Private Bank Deposits
The increasing share of private banks in total deposits highlights their ability to adapt quickly to market conditions, offer competitive rates, and prioritize customer satisfaction. However, public sector banks continue to hold a significant portion of deposits, reflecting their established presence and customer base.
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