Indian banks’ 2018-19 savings deposits stood at Rs 39.72 lakh crore

According to the Handbook of Statistics on the Indian Economy 2018-19 released by the Reserve Bank of India (RBI) on September 15, 2019, the aggregate savings deposits in the Indian private and public sector banks (PSBs) reached Rs 39.72 lakh crore as on March 31, 2019. The foreign banks had a share of Rs 58,630 crore.

Key Points:

• Savings deposits: The total savings deposits with commercial banks (including foreign banks) in 2018- 19 stood at Rs 40.31 lakh crore, up from Rs 36.55 lakh crore in 2017-18.
• Credit growth:The PSB credit growth for Q1 June 2019-20, increased to 8.7%. The aggregate deposits growth stood at 6.7%. The credit growth of foreign banks stood at 5.4% and the aggregate deposits growth was 19.3%. Bank credit between April and June 2019 grew by 11.7%, against a growth of 11.1% in April and June 2018. But it was lower than the 13.1% growth in bank credit in the Q4 of 2018-19.
• GDP growth: India’s GDP (Gross Domestic Product) growth recorded for the Q1 2019-20 is 5% which is at a six-year low.
• Deposits: Aggregate deposits grew 10.1% in the quarter ended June 30, 2019 against 7% of Q1 2018. This is the highest growth since the quarter ended June 2017 (12.6%).
• Growth statistics: Private banks registered a growth of 16.3% in aggregate deposits and of 17.5% in bank credit in the first quarter of the fiscal, against public sector banks that had a deposit growth of 6.7% and bank credit growth of 8.7% in the same quarter.

About RBI:
♦ Headquarters: Mumbai
♦ Founded: 1 April 1935, Kolkata
♦ Governor: Shaktikanta Das