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SBI, BOB Look To Raise More Current, Savings Deposits
Mint Mumbai
|November 06, 2023
Large public sector banks such as the State Bank of India and Bank of Baroda are working to boost their current and savings accounts ratio (CASA), following the decline in the share of low-cost deposits across the board.
For instance, SBI is concentrating on opening more current accounts. Dinesh Khara, chairman, SBI, said at the second quarter earnings that the bank is not looking to revise its savings deposit rates to improve CASA.
“There are many other players (who) increased rates. They witnessed a drop in CASA by 600-700 basis points. During inflationary condition, the tendency of people is to look for products which give inflation-adjusted returns," Khara added.
SBI is looking to increase current accounts and is seeing 8% growth in current accounts from a year earlier.“This has to be seen in the context of peers seeing a drop in CASA."
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