Ahmedabad: Even when the post-pandemic economic recovery starts from the second quarter, capital expenditure is jammed causing stable growth in bank deposits.
According to the latest reports by the Gujarat State Level Banker (SLBC) committee, bank deposits in this country grew almost Rs 1.01 lakh crore – from RS 8.15 Crore to Rs 9.17 Crore, up 12.4% – in the second quarter of 2021 -22 compared With the same period last year.
Bank deposits in Gujarat stand at RS 8.84 Lakh Crore in the first quarter of 2021-22.
The banking sector experts link a surge in deposits to stop capital expenses and expansion plans.
“Even when the economy began the way of recovery after the second wave of Covid-19, capital expenditure on the industrial section and MSMEs stopped.
The industry does not implement expansion plans after uncertainty and concerns over the third wave projected.
In addition, people who face not medical emergencies Suspected during the second wave began to save money in a big way.
This mainly triggered bank deposit growth even in the second quarter, “said the source placed well at SLBC Gujarat.
According to experts, even when investors invest in other asset classes, people are also traded with a lot carefully and choose a path that gives a guaranteed return.
This is one of the main reasons that encourage the growth of bank deposits that remain consistent in the second quarter as well.
The private sector bank shows the highest growth in deposits at Rs 52,729 Crore during the period.
According to SLBC reports, private bank deposits jumped from Rs 2.31 Lakh Crore in the September 2020-21 quarter to Rs 2.83 Lakh Crore in the same period in 2021-22.
On the other hand, public sector banks, including the state bank group showed the growth of Rs 42,860 Crore during the same period – from RS 5.29 Lakh Crore to Rs 5.72 Lakh Crore.