Household sector holds majority of bank deposits at 61.5 per cent till Mar’16: RBI

New Delhi: Majority of deposits in banks was held by the household sector at 61.5 per cent as on March 31,2016, the Reserve Bank said on Monday. This was followed by the Government sector which accounted for 12.8 per cent of total deposits. The private corporate sector came next with a contribution of 10.8 per cent.

Total deposits as on March 31, 2016 was Rs 98,41,290 crore, as against Rs 89,72,710 crore till March 2015. “A majority (63.8 per cent) of the deposits was term deposits. The combined share of current and savings deposits,however, increased from 34.9 per cent in 2015 to 36.2 per cent in 2016,” the RBI said.

More than half (51.5 per cent) of the total deposits was raised by metropolitan branches followed by urban branches(22.8 per cent) and semi-urban branches (15.4 per cent). While term deposits dominated the total deposits in these branches, savings deposits dominated in rural branches. Public sector banks continued to maintain the largest share (70.6 per cent) in total deposits.

Private sector bank shad a share of 21.6 per cent in total deposits. Further, seven states/ Union Territories — Maharashtra,Delhi, Uttar Pradesh, Karnataka, Tamil Nadu, West Bengal and Gujarat – comprised around 66 per cent of total deposits of banks in India as on March 31, 2016. Maharashtra alone contributed around 23 per cent of thetotal deposits.