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Banks forced to raise rates as deposits dry u
The Morning Standard
|August 16, 2024
Cost of funds on average rising by as much as 25-30 basis points this fiscal, which may top 5.25% system wide
AMID slow growth in deposits and rising credit demand, banks are staring at lower margins/profits as they chase depositors offering them higher prices for their money. As a result, analysts see the cost of funds on average rising by as much as 25-30 bps this fiscal, which may top 5.25% system wide.
While credit growth has been averaging 15-16%, deposits accretion has been averaging at 11-12% this fiscal. In FY24, credit grew 19.3% but deposit inched up only 14.7%, forcing banks to offer higher prices for term deposits.
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