Mumbai, Sept. 11 -- Bank deposits in the June quarter grew at the fastest pace in close to three years even as credit growth continued to decelerate, data from the Reserve Bank of India (RBI) showed.
While deposits grew 11.5% from a year ago, credit grew at 6.4%, the slowest since the March quarter of 2017.
Bank deposits have grown despite lenders lowering interest rates on term deposits and savings bank accounts. Industry experts believe that customers are likely stocking up capital, owing to the uncertainty that the pandemic has brought.
Although this is the latest quarterly data available on credit and deposits, RBI also publishes fortnightly data on these parameters.
For instance, bank credit growth stood at 5.52% y-o-y and deposits...