Zhitong Finance APP was informed that Shalini Warrier, head of the digital banking department of Federal Bank LTD.She said: "When the regular deposit interest rate does not rise as the customer's hope, they will look for alternatives."

In the past few quarters, the growth of deposits in the Indian banking industry has been behind strong credit demand, which has caused the intervention of senior Indian officials.The Minister of Finance of India, Nirmala Sitharaman and the President of India, Shaktikanta DAS urged all banks to innovate in order to increase deposits when the family savings turned to investment products.Nagpur Stock

Shalini Warrier said that the Indian banking industry failed to boost deposit means that the growth of loans may need to "slow down", and companies will have to find other financing opportunities.She added that a draft proposal of the Bank of India may also hinder loan growthMumbai Investment. The draft requires banks to hold more mobile assets to cover retail deposits from the Internet and mobile banks.Nagpur Investment

Shalini Warrier said: "The possible situation is that the cost of bank deposits will riseIndore Stock. Banks will transfer it to loan costs in some form and way to maintain profit margins."Agra Wealth Management

The latest data from the Federal Bank shows that in the 12 months of June 30, 2024, the bank's deposit growth was basically the same as credit growth.Shalini Warrier said the bank will use its digital platforms and cooperative relationships with financial technology companies to attract more customers.