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Public Deposits in Banks increased to Rs 200 lakh crore for the first time


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The amount deposited in the country’s banks has doubled in seven years. Bank deposits have crossed Rs 200 lakh crore for the first time. This shows that despite 5-6 percent interest, people still have confidence in depositing money in banks.

According to RBI data, the total amount deposited in banks in September 2016 was Rs 100 lakh crore. It has registered an increase of 9.5 percent on annual basis. This is the figure of money deposited in Indian banks reaching Rs 100 lakh crore in the shortest time. By December 29, 2023, the figure of bank deposits reached Rs 200.8 lakh crore.

This has increased by 13.2 percent compared to 2022. Bank deposits have also increased at a time when people are investing in mutual funds and shares on a large scale. While the capitalization of the stock market is Rs 373 lakh crore, the asset under management (AUM) of mutual funds i.e. the value of investors’ investment has reached Rs 50 lakh crore for the first time. The AUM of fund houses has increased six times in 10 years. Last year it increased by Rs 10 lakh crore.

According to RBI, out of the amount deposited in banks, Rs 176 lakh crore is in term deposits and the remaining money is in savings and current accounts. Banks have given loans of Rs 159.6 lakh crore during this period.

There has been an increase of about 20 percent in comparison to 2022. In the year 1997, the amount deposited in banks was Rs 5.1 lakh crore. It became Rs 10 lakh crore in four years. After this, in March 2006 this amount doubled to Rs 20 lakh crore. This figure had increased the fastest between March 2006 and July 2009, reaching Rs 40 lakh crore.

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