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“A large number of people are breaking out of the real poverty trap, so they’re able to start focusing on providing for the future,” Sanlam Chief Executive Officer Paul Hanratty said in an interview Thursday. “India is really at that point where a huge chunk of the population are now able to save and invest for the future.”

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Kotak Mutual Fund CEO Nilesh Shah suggests that bank deposits could grow faster if the government parks short-term funds with commercial banks instead of the Reserve Bank of India. Currently, government funds with the RBI earn no interest and do not enter the banking system until spent by the government.

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Banks in India are offering higher interest rates on deposits to attract savers, with more than two-thirds of deposits earning 7% or above by June 2024. This shift is driven by the need to meet rising credit demand, which continues to outpace deposit growth.

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The committee is not in favour of a blanket GST exemption on life and health insurance premiums, said people aware of deliberations. It's likely to give a detailed report on the revenue impact under different rate scenarios for insurance products to the GST Council, which is scheduled to meet on September 9.

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The number of credit cards in India is projected to reach 200 million by FY28-29, growing at a CAGR of 15%, according to a PwC report. The credit card industry has doubled its issuance over the past five years and is expected to continue this trend. However, debit card usage has declined due to the rising popularity of UPI and less attractive reward programs.

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Banks have an advantage because of CASA, but CASA comes with the requirement of CRR and SLR. So it ends up balancing itself. Banks have stable sources of retail money and large deposits and it's also cheaper, but the cost to raise it (retail money) is large. In HFCs we have wholesale money, which may be expensive but the cost of raising it also lower. We also have ‘Bajaj’ brand advantage as compared to other HFCs, says Sanjiv Bajaj, Chairman, Bajaj Housing Finance.

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"The issue was discussed at a meeting (last month) with the Advisory Board for Banking and Financial Frauds (ABBFF), and it was decided that it will be made mandatory for the lenders to check this list before dealing with such entities and further update it on a real-time basis," a senior bank executive told ET.

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