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    Home»Investment Tips»Rising aspirations behind deposit shift, says RBI governor Shaktikanta Das
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    Rising aspirations behind deposit shift, says RBI governor Shaktikanta Das

    BuzzNewsBy BuzzNewsAugust 20, 2024No Comments2 Mins Read
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    Rising aspirations behind deposit shift, says RBI governor Shaktikanta Das
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    MUMBAI: RBI governor Shaktikanta Das has said that it is natural for young Indians to explore other markets for their savings, given rising aspirations fueled by education and exposure to the internet. However, banks need to be prepared by managing liquidity and balancing credit growth with deposit growth.
    In an interview with NDTV, Das said that credit growth and disbursement have sped up, thanks to technology, but deposit collection is still mostly physical.”That’s why, in the previous policy, I urged banks to create new deposit products and services and to leverage their extensive branch networks,” said Das.
    “If youngsters are turning to stock markets, insurance, and mutual funds, it is a good thing. What we have done is to provide advance caution to banks; there is no problem now, but looking ahead, we want to ensure they are prepared,” said Das. The governor added that banks have responded by raising funds from alternate routes including infrastructure bonds. “The good thing about infra bonds is that they do not attract reserve requirements, they are low cost and long tenure,” he added.
    Das said that he never claimed inflation would fall below 4%, but rather emphasised a durable alignment with the 4% target, meaning around 4%. He clarified that this does not refer to a one-off reduction like the one seen in June due to the base effect. He also highlighted that India is expected to be the fastest-growing economy at 7.2%, with no sacrifice in growth, which remains intact, stable, and resilient.
    On the increase in online threats, Das said that RBI was engaged with lenders.

    aspirations Das deposit governor RBI Rising Shaktikanta shift
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