Term deposits – contributing almost 60% of total deposits – moderated, reflecting the easing of interest rates and the lure of returns on competing asset classes. Term deposit growth of private banks decelerated sharply even as it quadrupled in public sector banks, Reserve Bank of India said.source https://economictimes.indiatimes.com/industry/banking/finance/banking/deposits-for-public-sector-banks-surge-amid-pandemic-stress/articleshow/80028940.cms
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