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Bank Deposits Growth Hits 5-Decade Low
May 08, 2018
As per the data by the central bank RBI, banks deposits grew only 6.7% during FY18 which is the lowest ever since 1963. The banks say that it’s because of the revere impact of demonetization drive that led to a huge rise in deposits albeit for only a short period.
During end-year 2016, banks received as much as Rs. 15.28 lakh crores because the people deposited high denomination currencies that were banned by the government. So, when the financial year 2016-17 ended in March, the overall deposits growth for the year stood at an impressive 15.8% at Rs. 108 lakh crores.
