Deposits and advances of all scheduled banks witnessed a remarkable surge, each exceeding ₹2-lakh crore in the reporting fortnight concluding on December 1, 2023, as per the Reserve Bank of India’s (RBI) Scheduled Banks’ Statement of Position in India.
In the fortnight prior to December 1, 2023:
According to a report in the RBI’s November monthly bulletin, the surge in deposits and advances can be attributed to ebullient festival demand. Notably:
Q: What happened to deposits and advances in Indian scheduled banks by December 1, 2023?
A: Both deposits and advances soared by over ₹2-lakh crore each in the reporting fortnight, marking a significant increase, according to the RBI’s Scheduled Banks’ Statement of Position.
Q: How did this compare with the previous fortnight (ending November 17, 2023)?
A: While deposits declined by ₹60,496 crore, advances rose by ₹37,309 crore in the fortnight before December 1, 2023.
Q: What factors contributed to this surge, according to the RBI’s November bulletin?
A: The increase is attributed to buoyant festival demand, particularly in urban areas, driven by strong consumer appliance demand in mid-and premium segments. Around 80% of consumer durable purchases utilized attractive consumer financing schemes with equated monthly installment (EMI) offers. The entry-level segment demand remained relatively subdued.
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