Sanjay Agarwal - Latest News Update, Information, Photos & Videos on Sanjay Agarwal at Lokmat Times

Mumbai, Aug 17 Most banks are increasing their deposit rates for boosting deposit to support rising credit off-take as liquidity in the banking system has narrowed.The hike in deposit rates are in line with the Reserve Bank of India's (RBI) 50 basis points hike in repo rate in the August monetary policy.The rise in deposit will help banks fund the demand for loans during the festive season."Going forward, banks are expected to raise deposit rates for boosting deposits to support this rising credit offtake given that liquidity is narrowing in the banking system. Selectively, banks have already been raising rates across certain tenures and categories," said Sanjay Agarwal, Senior Director, CareEdge.Banks' credit growth has remained in double-digits, handily outpacing the deposit growth. Whereas, credit growth continues to be driven by a low base effect, small ticket size loans, higher working capital requirements due to elevated inflation, and a shift to bank borrowings on account of high yields in the capital market.According to the data compiled by CareEdge, the largest state-owned bank, State Bank of India, increased its deposit rate by 15 basis points on deposit maturing between 180 days and 210 days from 4.40 per cent to 4.55 per cent.For all other tenures, the SBI FD interest rates have also been hiked by 15 basis points. Bulk deposit rates have been increased by 25-50 basis points for period up to one year. For more than one year, the rates have been hiked ranging from 75-125 basis points.Indian Overseas Bank increased deposit rates by 10 basis points for 444 days and three years and above periods for the retail term deposits.Indian Bank and Punjab National Bank have also hiked their deposit rates by 5-15 basis points.On the other, in the private sector, HDFC Bank has increased interest rates by around 15 basis points on fixed deposits greater than Rs 5 crore in August.ICICI Bank increased interest rates on fixed deposits of Rs 2 crore to Rs 5 crore in August.Kotak Mahindra Bank has also increased rates by 15 basis points for select tenures for deposits up to Rs 2 crore, CareEdge data showed.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Sanjay AgarwalFOLLOW

Sanjay agarwal, Latest News

Noida (Uttar Pradesh) [India], May 2 (/PNN): ELCINA orgsed its 3rd Electronics Supply Chain Summit successfully on Friday, 28th ... ...

Jaipur (Rajasthan) [India], April 25 (/NewsReach): Bansal Handicraft, a leading manufacturer of Sheesham wood furniture, is thrilled to announce ... ...

ELCINA, India's leading industry federation representing electronic and IT manufacturers, aims to support the value chain for Consumer Electronics, Telecom and IT enterprises, correlating their common interest with equipment, material and machinery p ...

For helping more than 50 FPCs to adopt organic farming of crops, achieving the target of selling 18 MT of Organic Pineapple and 350 MT of Organic Ginger in the State of Mizoram and for Outstanding Contribution in the Agriculture Sector Clover Organic ...

For helping more than 50 FPCs to adopt organic farming of crops, achieving the target of selling 18 MT of Organic Pineapple and 350 MT of Organic Ginger in the State of Mizoram and for Outstanding Contribution in the Agriculture Sector Clover Organic ...

The Income Tax department on Wednesday conducted raids at the residence and factory of an industrialist in Sattigudi Chowk ... ...

Mumbai, Aug 18 Most banks are increasing their deposit rates for boosting deposit to support rising credit off-take ... ...

Mumbai, Aug 17 Most banks are increasing their deposit rates for boosting deposit to support rising credit off-take ... ...