Tag: festival

RBI report shows decline in bank credit post festival season pick-up

Banking & Finance

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The outstanding credit of all scheduled banks declined by ₹5,034 crore in the fortnight ended November 19, indicating the festival season credit pick-up witnessed in the preceding fortnight has lost steam.

In the preceding fortnight ended November 5 the outstanding credit of all scheduled banks had increased by ₹1,25,262 crore, according to Reserve Bank of India’s data on “Scheduled Banks’ Statement of Position in India”.

Sluggish loan growth

“Loan growth continues to be sluggish with no sharp recovery in any specific segment barring Small and Medium Enterprise.

“A low interest rate environment continues but spreads remain elevated. With asset quality issues gradually receding, we should see spreads decline but loan demand issues remain,” Kotak Securities Analysts’ MB Mahesh, Nischint Chawathe, Abhijeet Sakhare, Ashlesh Sonje and Dipanjan Ghosh, said in a report.

Deposits during the reporting fortnight declined by ₹2,67,623 crore against an increase of ₹3,38,451 crore in the preceding fortnight.

Deposit rates flat

As per the latest data from RBI, deposit rates were flat month-on-month at about 5.1 per cent.

“Both private and PSBs have reduced their term deposit rates by about 50 basis points (bps) over the past 12 months. Wholesale deposit cost (as measured by Certificate of Deposit rates) has seen a much sharper decline. It has been broadly stable in FY2022,” the Analysts said.

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Muthoot Finance launches ‘special Diwali Dhamaka’ campaign

Banking & Finance

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Muthoot Finance has launched a ‘special Diwali Dhamaka Campaign’ offering gold loans at a low interest rate of just 57 paisa per month (calculated for ease on a ₹100 gold loan) or 6.90 per cent per annum.

The unique and limited period offer comes with a host of other value-added benefits such as maximum loan value, no processing charges, no pre-payment or part payment fees, etc.

The purpose of the campaign is to get maximum first-time loan seekers to avail gold loans and help them meet their objectives. The campaign aims to encourage everyone, particularly hesitant first-time loan seekers to avail gold loans convincingly from India’s Gold Loan Specialist – Muthoot Finance.

Abhinav Iyer, General Manager, Marketing & Strategy, The Muthoot Group, said, “With over 25,000 tonnes of gold stocked in Indian households and less than 5 per cent of this being monetised by way of gold loans, I feel there is tremendous opportunity to unlock the latent potential of this emotional currency to turbo-charge economic growth and realise our government’s vision of Atmanirbhar Bharat.”

Muthoot Finance has seen healthy demand for gold loans and there is optimism about rising consumer confidence in the festive season. “With gradual improvement in the economic situation, much can be attributed to pent-up demand after almost 18 months of pandemic-led lull,” he said.

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