India’s deposits surpass loan growth in Oct-Nov 2024

Higher term rates helped push up deposits, according to CareEdge.

India’s credit and deposits are now growing in line with each other as of November 2024, with deposit growth surpassing credit offtake for the first time in 30 months.

Credit offtake rose by 9.3% between 18 October to 1 November 2024, reaching Rs174.4 lakh crores, according to data from CareEdge and the Reserve Bank of India (RBI).

The slowdown may be due to a higher base effect, on the back of RBI measures such as higher risk weights and proposed reforms to the liquidity coverage ratio (LCR), according to CareEdge.

The LCR refers to the ratio of high-quality liquid assets on hand versus the total cash outflows over a 30-day period.

Deposits, meanwhile, rose at 9.8% over the two-week period to November, reaching Rs 220.4 lakh crore. CareEdge attributed this to the rising term deposit rates of commercial banks in India.

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