आरबीआई का कहना है कि इस साल दिसंबर में बैंकों ने सबसे ज्यादा जमा राशि जुटाई

Mumbai: Banks in December have issued certificate of deposits worth Rs one lakh crore, the highest in any month during the current financial year to bridge the gap between credit growth and railing deposit growth,according to the Reserve Bank of India January 2024 Bulletin released on Thursday.

In the aftermath of regulatory measures announced by the RBI in November 2023 relating to consumer credit and bank credit to NBFCs, the yield on 3-month certificates of deposit (CDs) hardened as banks resorted to higher CD issuances to meet funding requirements. In the primary market, fund mobilisation through issuances of CDs rose to Rs.5.6 lakh crore during 2023- 24 (up to December 2023), higher than Rs.4.9 lakh crore a year ago said the RBI Bulletin.

Aggregate deposits with banks, the largest component of money supply increased by 12 per cent (8.7 per cent a year ago). On the other hand, loan growth stood at 15.6 per cent as on December 29, 2023 (14.9 per cent a year ago).

During June 2022-May 2023, the incremental credit-deposit ratio rose above 100 per cent, but has been declining thereafter. As on December 29, 2023 incremental credit-deposit ratio stood at 93.5 per cent, above its decadal average of 77.1 per cent. With the statutory requirements for CRR and statutory liquidity ratio (SLR) at 4.5 per cent and 18 per cent, respectively, around 77 per cent of deposits were available with the banking system for credit expansion as on December 29, 2023.

In response to the 250 bps hike in the policy repo rate, banks have increased their external benchmark based lending rates by a similar magnitude, while the one year median marginal cost of funds based lending rate (MCLR) increased by 155 bps during the period May 2022–December 2023. Concomitantly, the weighted average lending rate (WALR) on fresh and outstanding rupee loans increased by 183 bps and 108 bps, respectively, during May 2022-November 2023.

On the deposit side, the weighted average domestic term deposit rates on fresh and outstanding rupee deposits increased by 231 bps and 175 bps, respectively, during the same period. Transmission across bank groups during May 2022 to November 2023 to deposit rates was higher in the case of public sector banks (PSBs). The lending rates of PSBs, however, remained lower than those of private sector banks (PVBs).

The RBI Bulletin is a monthly publication that offers insights into the developments in domestic and global economies but doesn’t represent the views of the central bank.