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Banking: Deposits growth up 16.5% y-o-y

Anand Rathi | 13 Jan, 2011  | Follow Author | Add to my Favourites 
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Deposits growth improves: The latest fortnight, ending 31 Dec '10, saw a y-o-y increase in both credit growth rates and deposits growth rates. Deposits growth for the fortnight increased y-o-y to 16.5%, compared with 14.7% the previous fortnight. Credit growth for the latest fortnight continued to improve y-o-y to 24.4%, compared with 23.7% the previous fortnight.

Sharp fall in growth in SLR investments: SLR investments growth decelerated sharply y-o-y to 2.3%, from 6.9% the previous fortnight. Non-SLR investments declined 24.6% for the fortnight ending 17 Dec'10, as banks continued to withdraw investments in mutual funds which plunged 83.1% y-o-y. The Reserve Bank of India gave banks an additional six months till June 30, 2011 to adopt the new method for computing the base rate.

SBI raises base rate: The State Bank of India, the country's largest bank, has raised its base rate by 40 bps to 8%. SBI has already hiked deposit rates and is offering a peak rate of 9% for deposits under Rs1.5 mn, with maturities of between one and three years.

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