Bank deposits, advances soar by over Rs. 2 lakh crore each

Deposits and advances of all scheduled banks soared by over Rs. 2lakh crore each in the reporting fortnight ended December 1, 2023, per RBI’s Scheduled Banks’ Statement of Position in India.

Deposits and advances jumped by Rs. 2,30,727 crore and Rs. 2,15,584 crore, respectively. In the preceding fortnight ended November 17, 2023, while deposits declined by Rs. 60,496 crore, advances rose by Rs. 37,309 crore.

“Festival demand is ebullient. In urban areas, consumer appliances are in strong demand, especially in the mid and premium segments. Consumer sentiment is upbeat. Close to 80 per cent of purchases of consumer durables are reported to be through consumer financing schemes spiced up with attractive equated monthly instalment (EMI) offers. Entrylevel segment demand is relatively subdued as ‘premiumisation’ shows clear signs of developing into a consistent trend,” per a report in RBI’s November monthly bulletin.