Tamil Nadu: Foreign Currency Inflows Help Bank Deposit Accretion Of Rs 7 Lakh Cr In Last Fortnight
CHENNAI: Foreign currency inflows through FCNR(B) deposits, external commercial borrowings (ECBs) and overseas foreign currency borrowings (OFCBs) led to accretions of over Rs 7 lakh crore in bank deposits in the fortnight ending June 30. This also helped bank credit offtake hit a two-year high. Aggregate deposits rose to Rs 265.4 lakh crore, with accretions over Rs 7 lakh crore, recording 13.3% yo-y growth compared with 10.1% a year earlier. Sequentially, deposits increased by 2.7%, outpacing credit growth during the fortnight, reflecting sustained deposit mobilisation by banks and improving funding...