RBI data: Household sector dominates bank deposits in March 2020

RBI highlights that eight states accounted for over two-thirds of total deposits.

Oct 16, 2020 04:10 IST India Infoline News Service

The Reserve Bank of India (RBI) has released deposits performance of scheduled commercial banks in March 2020.

According to RBI, household sector (including proprietor/partnership firms) held the dominant share (63.5%) in total deposits followed by non-financial corporations, general government, rest of the world and financial corporations, in that order.

Further, individuals {including Hindu Undivided Families (HUFs)}, who are a major constituent of the household sector, accounted for 55.6% share in total deposits in March 2020.

In March 2020, RBI said, the share of deposit accounts held by females has been increasing over the years and stood at 32%.

"Amidst general decline in interest rates, the share of term deposits bearing less than 7% interest rate increased to 65.7% in March 2020 (46% a year ago)," RBI added.

On state-wise performance, RBI highlights that eight states (i.e., Maharashtra, National Capital Territory of Delhi, Uttar Pradesh, Karnataka, Tamil Nadu, West Bengal, Gujarat and Kerala) accounted for over two-thirds of total deposits. Maharashtra had the highest share (18%) in incremental deposits during 2019-20.

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