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Banks tap certificates of deposit to meet rising credit demand
Mint Mumbai
|September 14, 2023
Banks are turning to cheaper certificates of deposit (CDs) to meet credit demand which has outpaced deposit growth, data showed.
Led by public sector banks, lenders issued CDs worth ₹2.62 trillion between April and August this year against ₹2.5 trillion in the same period last year, data from Prime Database showed. CD issues rose from ₹25,813 crore in April to ₹72,785 crore in June, before moderating in July as liquidity turned surplus, and rose again in August. During April-August, deposit growth rose 5.8%, while credit demand jumped 9.1%.
Interest rate on one-year bulk deposits currently stands at 7.6%, and one-year term deposit rate at 7.25%, against a three-month CD rate of 7.05%.
Dit verhaal komt uit de September 14, 2023-editie van Mint Mumbai.
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