Deposits in Gujarat decline by Rs 589 cr in Q1 FY18

A report released by the State Level Banker’s Committee Gujarat states that the aggregate deposits of the banks decreased from Rs 6,23,787 crore as on March 2017 to Rs 6,23,198 crore as on June 2017

By: Express News Service | Ahmedabad | Published:September 17, 2017 3:28 am

The effects of demonetisation continue to impact the deposits received by banks in Gujarat. In the first quarter of financial year 2017-18, the deposits of banks in the state marginally declined by Rs 589 crore.

A report released by the State Level Banker’s Committee Gujarat states that the aggregate deposits of the banks decreased from Rs 6,23,787 crore as on March 2017 to Rs 6,23,198 crore as on June 2017, registering a decline of 0.09 per cent as against a growth of 2.76 per cent for the corresponding the previous year.

“In June 2016 we had 5.53 lakh crore of deposits, then by December it went to Rs 6.31 lakhs …In the January-March 2017 quarter …the deposits fell to Rs 6.24 lakh crore. It has marignally fallen again. It means that the normal growth has been offset by withdrawals arising out of demonetisation,” explained Vikramaditya Singh Khichi, convenor of SLBC-Gujarat.

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