BANKING INDUSTRY WITNESSED SHIFT TOWARDS TERM DEPOSITS
News: Banking industry has witnessed a shift towards term deposits with higher rates amid rising rate cycle. As per RBI data, proportion of term deposits, with interest rate at 7 - 8%, have increased from 30.3 in FY23 to 58.9% in FY24, while term deposits above 8% stood at 5.5%.
Views: While the increasing proportion of term deposits in higher rate bucket indicates major proportion of repricing of liabilities is underway. However, incremental accretion of liabilities amid tight competition is expected to shore up cost of funds marginally in near term.
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