Tanvee Gupta Jain, Chief India Economist at UBS Securities India, highlights a significant change in Indian households' savings behavior, moving from traditional fixed deposits to alternative assets like property, equities, and provident funds.
SavingsBank DepositsAlternative AssetsMonetary PolicyFinancial LandscapeReal Estate NewsOct 18, 2024
The main finding is a significant shift in Indian households' savings behavior, moving from traditional fixed deposits to alternative assets like property, equities, and provident funds.
This shift is attributed to easier access to retail loans and a younger, more digitally savvy population, which is driving the trend towards diversification in savings.
The shift has led to a decline in bank deposit growth, with bank credit growth outpacing deposits, particularly due to an increased reliance on short-term non-retail deposits.
The shift poses challenges for monetary policy, especially with asymmetric monetary transmission, making it difficult for banks to lower deposit rates due to the widening gap between credit demand and deposit supply.
Around 25% of market borrowings are funded through small savings schemes, which is a crucial dynamic to understand in the current economic context.
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