Deposits by public sector banks up 8.8% in December quarter: RBI data

However, they still lag the pace of private banks

Backed by robust demand and healthy financials, public sector banks (PSBs) improved their business — advances and deposits — during the third quarter ended December 2022 (Q3), according to RBI data.

State-owned banks increased their credit portfolio by 15.7 per cent during the calendar year 2022 (4.7 per cent in the year 2021). The corresponding growth for private sector banks, however, remained higher at 19.1 per cent (13.1 per cent a year ago), Reserve Bank of India (RBI) said in a statement.

The deposit mobilisation by PSBs improved to 8.8 per cent (year-on-year or YoY) in December 2022 (6.9 per