Beyond Banks' Q3 Earnings: Concerns Over Deposits, Margins And Credit Growth

Each bank has adopted different approaches to gain customer share and deposit share, in their ‘race for deposits’.

India’s largest private sector lender HDFC Bank’s stock lost 11.2 percent in the past two trading days at the stock markets, dragging with it the Nifty Bank index by five percent and the overall stock markets by 2.58 percent. A range of factors, including flat margins at 3.4 percent for the bank, a significant drawing down of the LCR [liquidity coverage ratio] and loans outpacing deposit growth, resulting in a high credit to deposit (CD) ratio, have hurt the near-term earnings outlook for HDFC Bank, pushing the stock down 13.2 percent in 2024.

The Bank’s CASA (Current and Savings Account) ratio has also come under pressure post the mega-merger with HDFC, down to 37.9 percent in the December-ended quarter from 44 percent for the corresponding quarter a year earlier. This was the impact of term deposits added to the base.

Irrational competition for deposits

Rikin Shah, banking analyst at IIFL Securities, has outlined the key earnings drivers for banks in a four-part report.

Each bank has adopted different approaches to gain customer share and deposit share, in their ‘race for deposits’. As the system liquidity has been tightening, HDFC Bank has been aggressive in distribution expansion, while other private banks have also embarked on branch expansion. Historically, there is a high correlation between deposit market share gains and branches.

In the last one year, HDFC Bank has opened around 1,500 new branches—3x of the branch additions by ICICI Bank and 6-7x of other larger private banks and State Bank of India (SBI). More importantly, 62 percent of HDFC Bank’s new branches have been opened in semi-urban and rural regions, the IIFL report shows.

KMB has a high branch concentration in the urban and metro region. In fact, the data from IIFL Research and the RBI indicates that KMB has no branches in 88 percent of pin codes where SBI has a presence. The analysis also indicates that 50 to 80 percent of KMB, Bank of Baroda, SBI and Federal’s branches are ‘matured’, which are defined as over 10 years old. While the matured branches can deliver deposit growth in line with nominal GDP growth, developing branches should deliver higher deposit growth, Shah says.

He also says the competition for deposits has “become irrational” with savings account deposit interest rate offered by select mid-size private banks now higher than the peak term-deposit rates offered by larger banks.

Shah now estimates funding costs to increase further by 5 to 50 basis points for the banks under its coverage; higher for ICICI Bank and KMB. “Basis our analysis of the potential residual loan and deposit re-pricing, we expect spreads to decline further by 5 to 40 basis points. ICICI Bank and Kotak Mahindra Bank should see higher NIM compression; and lower for Axis Bank and SBI,” he said in a note to clients on January 11.

Banking analysts had raised the re-pricing of deposits and the trend in the cost of funds, even at their October 2023 analysts call.

KMB’s consumer banking president Shanti Ekambaram allayed fears by saying, “If you look at the average tenor of our liabilities which we've been talking about, it's roughly about 10 months to 11 months. And if you look at the interest rate cycle, we more or less are close to closing the 10 months to 11 months. So my sense, except for global factors, tight liquidity, increase in rates otherwise, we're more or less there on the re-pricing, maybe a quarter or so. The cycle of re-pricing has come its distance,” she told analysts.

Nomura’s banking analyst Param Subramanian, in a January 9 note to clients, says he expects “deposit costs for large private banks to peak out by Q3FY24F.” In Q3, we expect NIMs for ICICI Bank, Axis Bank and Kotak Mahindra Bank to moderate further by 10 to 15 basis points quarter on quarter as deposit costs outpace incremental expansion in lending yields.

Also read: Fincare merges with AU Small Finance Bank to create pan-India SFB with diversified portfolio

Pace of credit growth challenging

With liquidity still tight and the RBI raising the risk weightage on unsecured loans, banks are going to find picking up their pace of credit growth more challenging in coming quarters. A Jefferies India report in December 2023 had said that “the wedge between banks’ credit and deposit growth has halved from more than 700 bps last year to 300 bps now. Still, the gap is negative and securing funds for growth will remain a key challenge for lenders,” it noted.

Another challenge for banks is how to keep improving the optics for a better investment rating amongst equity analysts, assuming that profitability stays high and margins keep expanding but trying to ensure that the cost-to-income remains low.

Nomura’s Subramanian said key to watch out in Q3 is “any sequential pick-up in credit costs (or a moderation in growth), especially led by unsecured retail loans. Of note, we factor in a pick-up in credit costs for AU SFB (to around 100 basis points from 80 bps in Q2) as its contingent provision buffers have largely been used up.”

The recent regulatory tightening from the RBI, through the increase in risk weightage on unsecured lending, and the RBI’s keenness to lower the credit-to-deposit (CD) ratio means that banks could face a slowdown in the loan growth run-rate. “We expect banking system loan growth to slow down to 13-14 percent in FY25E,” IIFL’s Shah says.

The RBI Governor Shaktikanta Das, speaking to journalists on the sidelines of the 54th World Economic Forum at Davos this year said, “There should not be exuberance in lending and there should be some correlation between deposit base and credit growth.”

Sectoral bank credit data from the RBI released in December-end showed that the pace of growth of credit to India’s industry has halved to 6.1 percent for the 12 months to November 2023, compared to 13 percent for the corresponding period for November 2022.

“Despite the recent moderation in credit growth, we expect it to remain strong at 15 percent for FY24. The credit growth may further moderate in FY25 to 12-13 percent amid a tight liquidity environment,” says Anil Gupta, VP, financial sector ratings at ICRA. “This coupled with higher deposit costs shall moderate the interest margins as well as net interest income growth for banks. However, despite these challenges, a benign credit provisioning requirement shall continue to result in healthy return on equity for the banking sector,” Gupta adds.

In 2023, incremental bank credit was estimated to be around Rs 18 lakh crore and this will only be higher in the current year. Most banks have little option but to keep trying to lend aggressively–within RBI’s checks–if high margins are to be maintained. There could be some compression in earnings growth for FY25 but there is no broad credit supply problem or a concern surrounding economic growth.

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See Also
HDFC Bank Ltd: Live Stock Update and Price as of January 25, 2024 | Angel One HDFC Bank: Good opportunity for long-term investors amid 11% slide HDFC Bank ADR falls over 9% overnight; tanks 15% in 2 days after Q3 results
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- Deposit Market Share: Rikin Shah, a banking analyst at IIFL Securities, highlights thats cost of funds has been rising, impacting net interest margins.
Rikin Shah's Analysis on Banking Landscape:
- Deposit Market Share: Rikin Shah, a banking analyst at IIFL Securities, highlights that each bankunds has been rising, impacting net interest margins.
Rikin Shah's Analysis on Banking Landscape:
- Deposit Market Share: Rikin Shah, a banking analyst at IIFL Securities, highlights that each bank adopts different approaches in the notes that thereng, impacting net interest margins.
Rikin Shah's Analysis on Banking Landscape:
- Deposit Market Share: Rikin Shah, a banking analyst at IIFL Securities, highlights that each bank adopts different approaches in the ', impacting net interest margins.
Rikin Shah's Analysis on Banking Landscape:
- Deposit Market Share: Rikin Shah, a banking analyst at IIFL Securities, highlights that each bank adopts different approaches in the 'race for deposits.' -mpacting net interest margins.
Rikin Shah's Analysis on Banking Landscape:
- Deposit Market Share: Rikin Shah, a banking analyst at IIFL Securities, highlights that each bank adopts different approaches in the 'race for deposits.'
- *Branch Expansionacting net interest margins.
Rikin Shah's Analysis on Banking Landscape:
- Deposit Market Share: Rikin Shah, a banking analyst at IIFL Securities, highlights that each bank adopts different approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 newting net interest margins.
Rikin Shah's Analysis on Banking Landscape:
- Deposit Market Share: Rikin Shah, a banking analyst at IIFL Securities, highlights that each bank adopts different approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branchesational"interest margins.
Rikin Shah's Analysis on Banking Landscape:
- Deposit Market Share: Rikin Shah, a banking analyst at IIFL Securities, highlights that each bank adopts different approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches ingins.
Rikin Shah's Analysis on Banking Landscape:
- Deposit Market Share: Rikin Shah, a banking analyst at IIFL Securities, highlights that each bank adopts different approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the depositsikin Shah's Analysis on Banking Landscape:**
- Deposit Market Share: Rikin Shah, a banking analyst at IIFL Securities, highlights that each bank adopts different approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last withhah's Analysis on Banking Landscape:**
- Deposit Market Share: Rikin Shah, a banking analyst at IIFL Securities, highlights that each bank adopts different approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last years Analysis on Banking Landscape:**
- Deposit Market Share: Rikin Shah, a banking analyst at IIFL Securities, highlights that each bank adopts different approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year,lysis on Banking Landscape:**
- Deposit Market Share: Rikin Shah, a banking analyst at IIFL Securities, highlights that each bank adopts different approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on Banking Landscape:**
- Deposit Market Share: Rikin Shah, a banking analyst at IIFL Securities, highlights that each bank adopts different approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on seming Landscape:**
- Deposit Market Share: Rikin Shah, a banking analyst at IIFL Securities, highlights that each bank adopts different approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi- higher - Deposit Market Share: Rikin Shah, a banking analyst at IIFL Securities, highlights that each bank adopts different approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban andposit Market Share:* Rikin Shah, a banking analyst at IIFL Securities, highlights that each bank adopts different approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural depositre:* Rikin Shah, a banking analyst at IIFL Securities, highlights that each bank adopts different approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regionsn Shah, a banking analyst at IIFL Securities, highlights that each bank adopts different approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. K, a banking analyst at IIFL Securities, highlights that each bank adopts different approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMBanking analyst at IIFL Securities, highlights that each bank adopts different approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB,analyst at IIFL Securities, highlights that each bank adopts different approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in' at IIFL Securities, highlights that each bank adopts different approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrastIFL Securities, highlights that each bank adopts different approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, Securities, highlights that each bank adopts different approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, hasrities, highlights that each bank adopts different approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a, highlights that each bank adopts different approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a highhighlights that each bank adopts different approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branchghlights that each bank adopts different approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration inlights that each bank adopts different approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urbanhts that each bank adopts different approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and:**each bank adopts different approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.

bank adopts different approaches in the 'race for deposits.'

Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.

**different approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
**Challenges and Competitionferent approaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
**Challenges and Competition in the Bankingproaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- *Irrationalaches in the 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- *Irrational Competitionthe 'race for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shahe for deposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notesdeposits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits hassits.'
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become
- Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become " - Branch Expansion: HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrch Expansion:* HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrationalxpansion:* HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational,"* HDFC Bank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," withank aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid aggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size.ggressively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size privateessively expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banksly expanded with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offeringd with 1,500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings500 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account00 new branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account depositnew branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interestw branches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest ratesbranches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates highernches in the last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than:**e last year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than largerst year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger bankst year, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks'r, focusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peakocusing on semi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak termmi-urban and rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deand rural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-depositrural regions. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates. KMB, in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates. , in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates. in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates. -in contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- *n contrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- *Impactontrast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- *Impact onast, has a high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- *Impact on Funding Costsa high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: high branch concentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analystconcentration in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analyststion in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipaten in urban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate aurban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate a riserban and metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate a rise inand metro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate a rise in fundingmetro areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate a rise in funding costs areas.
Challenges and Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate a rise in funding costs for - Comparisonnd Competition in the Banking Sector:
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate a rise in funding costs for banksCompetition in the Banking Sector:**
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate a rise in funding costs for banks,MB has a highere Banking Sector:**
- Irrational Competition: Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate a rise in funding costs for banks, with of branchesIrrational Competition:* Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate a rise in funding costs for banks, with potential urbanl Competition:* Shah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate a rise in funding costs for banks, with potential net metro regionsah notes that competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate a rise in funding costs for banks, with potential net interest lackingthat competition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate a rise in funding costs for banks, with potential net interest margin (etition for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate a rise in funding costs for banks, with potential net interest margin (Ntion for deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate a rise in funding costs for banks, with potential net interest margin (NIMfor deposits has become "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate a rise in funding costs for banks, with potential net interest margin (NIM) where Stateecome "irrational," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate a rise in funding costs for banks, with potential net interest margin (NIM) compression of Indianal," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate a rise in funding costs for banks, with potential net interest margin (NIM) compression,l," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate a rise in funding costs for banks, with potential net interest margin (NIM) compression, particularly," with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate a rise in funding costs for banks, with potential net interest margin (NIM) compression, particularly for with mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate a rise in funding costs for banks, with potential net interest margin (NIM) compression, particularly for ICwith mid-size private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate a rise in funding costs for banks, with potential net interest margin (NIM) compression, particularly for ICICI Bank.

e private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.

Impact on Funding Costs: Analysts anticipate a rise in funding costs for banks, with potential net interest margin (NIM) compression, particularly for ICICI Bank and private banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
Impact on Funding Costs: Analysts anticipate a rise in funding costs for banks, with potential net interest margin (NIM) compression, particularly for ICICI Bank and Kprivate banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
Impact on Funding Costs: Analysts anticipate a rise in funding costs for banks, with potential net interest margin (NIM) compression, particularly for ICICI Bank and KMB.

5vate banks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.

Impact on Funding Costs: Analysts anticipate a rise in funding costs for banks, with potential net interest margin (NIM) compression, particularly for ICICI Bank and KMB.

**nks offering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate a rise in funding costs for banks, with potential net interest margin (NIM) compression, particularly for ICICI Bank and KMB.
**Credit Growthering savings account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate a rise in funding costs for banks, with potential net interest margin (NIM) compression, particularly for ICICI Bank and KMB.
**Credit Growth Challengesgs account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate a rise in funding costs for banks, with potential net interest margin (NIM) compression, particularly for ICICI Bank and KMB.
Credit Growth Challenges: s account deposit interest rates higher than larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate a rise in funding costs for banks, with potential net interest margin (NIM) compression, particularly for ICICI Bank and KMB.
Credit Growth Challenges:
- Challenge: Banks,tes higher than larger banks' peak term-deposit rates.
  - Impact on Funding Costs: Analysts anticipate a rise in funding costs for banks, with potential net interest margin (NIM) compression, particularly for ICICI Bank and KMB.
Credit Growth Challenges:
- HDFC larger banks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate a rise in funding costs for banks, with potential net interest margin (NIM) compression, particularly for ICICI Bank and KMB.
Credit Growth Challenges:
- *, arenks' peak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate a rise in funding costs for banks, with potential net interest margin (NIM) compression, particularly for ICICI Bank and KMB.
Credit Growth Challenges:
- *Lak term-deposit rates.
- Impact on Funding Costs: Analysts anticipate a rise in funding costs for banks, with potential net interest margin (NIM) compression, particularly for ICICI Bank and KMB.
Credit Growth Challenges:
- *Liquidity inrates.
- Impact on Funding Costs: Analysts anticipate a rise in funding costs for banks, with potential net interest margin (NIM) compression, particularly for ICICI Bank and KMB.
Credit Growth Challenges:
- Liquidity Tightening depositct on Funding Costs: Analysts anticipate a rise in funding costs for banks, with potential net interest margin (NIM) compression, particularly for ICICI Bank and KMB.
Credit Growth Challenges:
- Liquidity Tightening:,nding Costs:* Analysts anticipate a rise in funding costs for banks, with potential net interest margin (NIM) compression, particularly for ICICI Bank and KMB.
Credit Growth Challenges:
- Liquidity Tightening: With liquidity* Analysts anticipate a rise in funding costs for banks, with potential net interest margin (NIM) compression, particularly for ICICI Bank and KMB.
Credit Growth Challenges:
- Liquidity Tightening: With liquidity constraints anticipate a rise in funding costs for banks, with potential net interest margin (NIM) compression, particularly for ICICI Bank and KMB.
Credit Growth Challenges:
- Liquidity Tightening: With liquidity constraints and credit rise in funding costs for banks, with potential net interest margin (NIM) compression, particularly for ICICI Bank and KMB.
Credit Growth Challenges:
- Liquidity Tightening: With liquidity constraints and increased riskse in funding costs for banks, with potential net interest margin (NIM) compression, particularly for ICICI Bank and KMB.
Credit Growth Challenges:
- Liquidity Tightening: With liquidity constraints and increased risk weight (ing costs for banks, with potential net interest margin (NIM) compression, particularly for ICICI Bank and KMB.
Credit Growth Challenges:
- Liquidity Tightening: With liquidity constraints and increased risk weightage ong costs for banks, with potential net interest margin (NIM) compression, particularly for ICICI Bank and KMB.
Credit Growth Challenges:
- Liquidity Tightening: With liquidity constraints and increased risk weightage on un costs for banks, with potential net interest margin (NIM) compression, particularly for ICICI Bank and KMB.
Credit Growth Challenges:
- Liquidity Tightening: With liquidity constraints and increased risk weightage on unsecured. r banks, with potential net interest margin (NIM) compression, particularly for ICICI Bank and KMB.
Credit Growth Challenges:
- Liquidity Tightening: With liquidity constraints and increased risk weightage on unsecured loansbanks, with potential net interest margin (NIM) compression, particularly for ICICI Bank and KMB.
Credit Growth Challenges:
- Liquidity Tightening: With liquidity constraints and increased risk weightage on unsecured loans bynks, with potential net interest margin (NIM) compression, particularly for ICICI Bank and KMB.
Credit Growth Challenges:
- Liquidity Tightening: With liquidity constraints and increased risk weightage on unsecured loans by the, with potential net interest margin (NIM) compression, particularly for ICICI Bank and KMB.
Credit Growth Challenges:
- Liquidity Tightening: With liquidity constraints and increased risk weightage on unsecured loans by the RBI,ightpotential net interest margin (NIM) compression, particularly for ICICI Bank and KMB.
Credit Growth Challenges:
- Liquidity Tightening: With liquidity constraints and increased risk weightage on unsecured loans by the RBI, banksential net interest margin (NIM) compression, particularly for ICICI Bank and KMB.
Credit Growth Challenges:
- Liquidity Tightening: With liquidity constraints and increased risk weightage on unsecured loans by the RBI, banks face net interest margin (NIM) compression, particularly for ICICI Bank and KMB.
Credit Growth Challenges:
- Liquidity Tightening: With liquidity constraints and increased risk weightage on unsecured loans by the RBI, banks face challenges interest margin (NIM) compression, particularly for ICICI Bank and KMB.
Credit Growth Challenges:
- Liquidity Tightening: With liquidity constraints and increased risk weightage on unsecured loans by the RBI, banks face challenges ininterest margin (NIM) compression, particularly for ICICI Bank and KMB.
Credit Growth Challenges:
- Liquidity Tightening: With liquidity constraints and increased risk weightage on unsecured loans by the RBI, banks face challenges in accelerating'st margin (NIM) compression, particularly for ICICI Bank and KMB.
Credit Growth Challenges:
- Liquidity Tightening: With liquidity constraints and increased risk weightage on unsecured loans by the RBI, banks face challenges in accelerating credit growth.
- bookNIM) compression, particularly for ICICI Bank and KMB.
Credit Growth Challenges:
- Liquidity Tightening: With liquidity constraints and increased risk weightage on unsecured loans by the RBI, banks face challenges in accelerating credit growth.
- - grownession, particularly for ICICI Bank and KMB.
Credit Growth Challenges:
- Liquidity Tightening: With liquidity constraints and increased risk weightage on unsecured loans by the RBI, banks face challenges in accelerating credit growth.
- *Reg depositsrticularly for ICICI Bank and KMB.
Credit Growth Challenges:
- Liquidity Tightening: With liquidity constraints and increased risk weightage on unsecured loans by the RBI, banks face challenges in accelerating credit growth.
- *Regulatorylarly for ICICI Bank and KMB.
Credit Growth Challenges:
- Liquidity Tightening: With liquidity constraints and increased risk weightage on unsecured loans by the RBI, banks face challenges in accelerating credit growth.
- *Regulatory Impacty for ICICI Bank and KMB.
Credit Growth Challenges:
- Liquidity Tightening: With liquidity constraints and increased risk weightage on unsecured loans by the RBI, banks face challenges in accelerating credit growth.
- Regulatory Impact: ICICI Bank and KMB.
Credit Growth Challenges:
- Liquidity Tightening: With liquidity constraints and increased risk weightage on unsecured loans by the RBI, banks face challenges in accelerating credit growth.
- Regulatory Impact: RecentI Bank and KMB.
Credit Growth Challenges:
- Liquidity Tightening: With liquidity constraints and increased risk weightage on unsecured loans by the RBI, banks face challenges in accelerating credit growth.
- Regulatory Impact: Recent regulatory Bank and KMB.
Credit Growth Challenges:
- Liquidity Tightening: With liquidity constraints and increased risk weightage on unsecured loans by the RBI, banks face challenges in accelerating credit growth.
- Regulatory Impact: Recent regulatory measuresd KMB.
Credit Growth Challenges:
- Liquidity Tightening: With liquidity constraints and increased risk weightage on unsecured loans by the RBI, banks face challenges in accelerating credit growth.
- Regulatory Impact: Recent regulatory measures,MB.
Credit Growth Challenges:
- Liquidity Tightening: With liquidity constraints and increased risk weightage on unsecured loans by the RBI, banks face challenges in accelerating credit growth.
- Regulatory Impact: Recent regulatory measures, such
Credit Growth Challenges:
- Liquidity Tightening: With liquidity constraints and increased risk weightage on unsecured loans by the RBI, banks face challenges in accelerating credit growth.
- Regulatory Impact: Recent regulatory measures, such asdit Growth Challenges:**
- Liquidity Tightening: With liquidity constraints and increased risk weightage on unsecured loans by the RBI, banks face challenges in accelerating credit growth.
- Regulatory Impact: Recent regulatory measures, such as lowering the credit Growth Challenges:**
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- Regulatory Impact: Recent regulatory measures, such as lowering the credit-to.

6.llenges:**

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Regulatory Impact: Recent regulatory measures, such as lowering the credit-to-denges:**
Liquidity Tightening: With liquidity constraints and increased risk weightage on unsecured loans by the RBI, banks face challenges in accelerating credit growth.
Regulatory Impact: Recent regulatory measures, such as lowering the credit-to-deposits:**
Liquidity Tightening: With liquidity constraints and increased risk weightage on unsecured loans by the RBI, banks face challenges in accelerating credit growth.
Regulatory Impact: Recent regulatory measures, such as lowering the credit-to-deposit (CD - Liquidity Tightening: With liquidity constraints and increased risk weightage on unsecured loans by the RBI, banks face challenges in accelerating credit growth.
Regulatory Impact: Recent regulatory measures, such as lowering the credit-to-deposit (CD)y Tightening:* With liquidity constraints and increased risk weightage on unsecured loans by the RBI, banks face challenges in accelerating credit growth.
Regulatory Impact: Recent regulatory measures, such as lowering the credit-to-deposit (CD) ratioghtening:* With liquidity constraints and increased risk weightage on unsecured loans by the RBI, banks face challenges in accelerating credit growth.
Regulatory Impact: Recent regulatory measures, such as lowering the credit-to-deposit (CD) ratio, Growthh liquidity constraints and increased risk weightage on unsecured loans by the RBI, banks face challenges in accelerating credit growth.
Regulatory Impact: Recent regulatory measures, such as lowering the credit-to-deposit (CD) ratio, may** idity constraints and increased risk weightage on unsecured loans by the RBI, banks face challenges in accelerating credit growth.
Regulatory Impact: Recent regulatory measures, such as lowering the credit-to-deposit (CD) ratio, may lead Concern:ts and increased risk weightage on unsecured loans by the RBI, banks face challenges in accelerating credit growth.
Regulatory Impact: Recent regulatory measures, such as lowering the credit-to-deposit (CD) ratio, may lead tond increased risk weightage on unsecured loans by the RBI, banks face challenges in accelerating credit growth.
Regulatory Impact: Recent regulatory measures, such as lowering the credit-to-deposit (CD) ratio, may lead to a tighteninghtage on unsecured loans by the RBI, banks face challenges in accelerating credit growth.
Regulatory Impact: Recent regulatory measures, such as lowering the credit-to-deposit (CD) ratio, may lead to a slowdown the Reserve Bankoans by the RBI, banks face challenges in accelerating credit growth.
Regulatory Impact: Recent regulatory measures, such as lowering the credit-to-deposit (CD) ratio, may lead to a slowdown in India (RRBI, banks face challenges in accelerating credit growth.
Regulatory Impact: Recent regulatory measures, such as lowering the credit-to-deposit (CD) ratio, may lead to a slowdown in loan), banks face challenges in accelerating credit growth.
Regulatory Impact: Recent regulatory measures, such as lowering the credit-to-deposit (CD) ratio, may lead to a slowdown in loan growth an increasees in accelerating credit growth.
Regulatory Impact: Recent regulatory measures, such as lowering the credit-to-deposit (CD) ratio, may lead to a slowdown in loan growth.

risk weightage credit growth.
Regulatory Impact: Recent regulatory measures, such as lowering the credit-to-deposit (CD) ratio, may lead to a slowdown in loan growth.

6.edit growth.

Regulatory Impact: Recent regulatory measures, such as lowering the credit-to-deposit (CD) ratio, may lead to a slowdown in loan growth.

**Outlookt growth.
- Regulatory Impact: Recent regulatory measures, such as lowering the credit-to-deposit (CD) ratio, may lead to a slowdown in loan growth.
**Outlook and Projectionsh.
- Regulatory Impact: Recent regulatory measures, such as lowering the credit-to-deposit (CD) ratio, may lead to a slowdown in loan growth.
Outlook and Projections:
- Regulatory Impact: Recent regulatory measures, such as lowering the credit-to-deposit (CD) ratio, may lead to a slowdown in loan growth.
Outlook and Projections:
- Regulatory Impact: Recent regulatory measures, such as lowering the credit-to-deposit (CD) ratio, may lead to a slowdown in loan growth.
Outlook and Projections:
- atory Impact: Recent regulatory measures, such as lowering the credit-to-deposit (CD) ratio, may lead to a slowdown in loan growth.
Outlook and Projections:
- Creditmpact: Recent regulatory measures, such as lowering the credit-to-deposit (CD) ratio, may lead to a slowdown in loan growth.
Outlook and Projections:
- *Credit Growth Expect Recent regulatory measures, such as lowering the credit-to-deposit (CD) ratio, may lead to a slowdown in loan growth.
Outlook and Projections:
- *Credit Growth Expectationsnt regulatory measures, such as lowering the credit-to-deposit (CD) ratio, may lead to a slowdown in loan growth.
Outlook and Projections:
- Credit Growth Expectations: forasures, such as lowering the credit-to-deposit (CD) ratio, may lead to a slowdown in loan growth.
Outlook and Projections:
- Credit Growth Expectations: The, such as lowering the credit-to-deposit (CD) ratio, may lead to a slowdown in loan growth.
Outlook and Projections:
- Credit Growth Expectations: The article - as lowering the credit-to-deposit (CD) ratio, may lead to a slowdown in loan growth.
Outlook and Projections:
- Credit Growth Expectations: The article mentionsRlowering the credit-to-deposit (CD) ratio, may lead to a slowdown in loan growth.
Outlook and Projections:
- Credit Growth Expectations: The article mentions expectations's Perspective:**-to-deposit (CD) ratio, may lead to a slowdown in loan growth.
Outlook and Projections:
- Credit Growth Expectations: The article mentions expectations of Governor Shakttio, may lead to a slowdown in loan growth.
Outlook and Projections:
- Credit Growth Expectations: The article mentions expectations of aantaay lead to a slowdown in loan growth.
Outlook and Projections:
- Credit Growth Expectations: The article mentions expectations of a slowdown in banking emphasizes thewn in loan growth.
Outlook and Projections:
- Credit Growth Expectations: The article mentions expectations of a slowdown in banking system loan growth.
Outlook and Projections:
- Credit Growth Expectations: The article mentions expectations of a slowdown in banking system loan agrowth.
Outlook and Projections:
- Credit Growth Expectations: The article mentions expectations of a slowdown in banking system loan growth toOutlook and Projections:
- Credit Growth Expectations: The article mentions expectations of a slowdown in banking system loan growth to k and Projections:**
- Credit Growth Expectations: The article mentions expectations of a slowdown in banking system loan growth to 13ojections:**
- Credit Growth Expectations: The article mentions expectations of a slowdown in banking system loan growth to 13- and:**
- Credit Growth Expectations: The article mentions expectations of a slowdown in banking system loan growth to 13-14- Credit Growth Expectations: The article mentions expectations of a slowdown in banking system loan growth to 13-14 percent.

7rowth Expectations: The article mentions expectations of a slowdown in banking system loan growth to 13-14 percent in FY25E, accordingowth Expectations: The article mentions expectations of a slowdown in banking system loan growth to 13-14 percent in FY25E, according toh Expectations: The article mentions expectations of a slowdown in banking system loan growth to 13-14 percent in FY25E, according to Ictations: The article mentions expectations of a slowdown in banking system loan growth to 13-14 percent in FY25E, according to IIFs:* The article mentions expectations of a slowdown in banking system loan growth to 13-14 percent in FY25E, according to IIFLicle mentions expectations of a slowdown in banking system loan growth to 13-14 percent in FY25E, according to IIFL'scle mentions expectations of a slowdown in banking system loan growth to 13-14 percent in FY25E, according to IIFL's R mentions expectations of a slowdown in banking system loan growth to 13-14 percent in FY25E, according to IIFL's Rikentions expectations of a slowdown in banking system loan growth to 13-14 percent in FY25E, according to IIFL's Rikintions expectations of a slowdown in banking system loan growth to 13-14 percent in FY25E, according to IIFL's Rikin ShahProjectiontions of a slowdown in banking system loan growth to 13-14 percent in FY25E, according to IIFL's Rikin Shah. ns of a slowdown in banking system loan growth to 13-14 percent in FY25E, according to IIFL's Rikin Shah. -ffer slowdown in banking system loan growth to 13-14 percent in FY25E, according to IIFL's Rikin Shah.

*owdown in banking system loan growth to 13-14 percent in FY25E, according to IIFL's Rikin Shah.
*Govern in banking system loan growth to 13-14 percent in FY25E, according to IIFL's Rikin Shah.
*Governorng system loan growth to 13-14 percent in FY25E, according to IIFL's Rikin Shah.
*Governor's Perspective challengean growth to 13-14 percent in FY25E, according to IIFL's Rikin Shah.
Governor's Perspective:rowth to 13-14 percent in FY25E, according to IIFL's Rikin Shah.
Governor's Perspective: RBI in13-14 percent in FY25E, according to IIFL's Rikin Shah.
Governor's Perspective: RBI Governor Shcent in FY25E, according to IIFL's Rikin Shah.
Governor's Perspective: RBI Governor Shakt for25E, according to IIFL's Rikin Shah.
Governor's Perspective: RBI Governor Shaktikcording to IIFL's Rikin Shah.
Governor's Perspective: RBI Governor Shaktikanta with the credit Rikin Shah.
Governor's Perspective: RBI Governor Shaktikanta Das emphasizes the needkin Shah.
Governor's Perspective: RBI Governor Shaktikanta Das emphasizes the need forposit.
Governor's Perspective: RBI Governor Shaktikanta Das emphasizes the need for a correlationCD)- Governor's Perspective: RBI Governor Shaktikanta Das emphasizes the need for a correlation betweenovernor's Perspective: RBI Governor Shaktikanta Das emphasizes the need for a correlation between depositPerspective: RBI Governor Shaktikanta Das emphasizes the need for a correlation between deposit baserspective: RBI Governor Shaktikanta Das emphasizes the need for a correlation between deposit base and -ctive: RBI Governor Shaktikanta Das emphasizes the need for a correlation between deposit base and credit growthExpectationvernor Shaktikanta Das emphasizes the need for a correlation between deposit base and credit growth, TheShaktikanta Das emphasizes the need for a correlation between deposit base and credit growth, caution's measures mayhasizes the need for a correlation between deposit base and credit growth, cautioning in aneed for a correlation between deposit base and credit growth, cautioning againsta correlation between deposit base and credit growth, cautioning against ex the loan growthen deposit base and credit growth, cautioning against exubereposit base and credit growth, cautioning against exuberancet base and credit growth, cautioning against exuberance in base and credit growth, cautioning against exuberance in lending.

and credit growth, cautioning against exuberance in lending.

In conclusion banking systemng against exuberance in lending.

In conclusion,ainst exuberance in lending.

In conclusion, thexuberance in lending.

In conclusion, the banking sector in India 13nce in lending.

In conclusion, the banking sector in India is navigating throughce in lending.

In conclusion, the banking sector in India is navigating through challenges percenting.

In conclusion, the banking sector in India is navigating through challenges related to deposit growth.

In conclusion, the banking sector in India is navigating through challenges related to deposit growth,In conclusion, the banking sector in India is navigating through challenges related to deposit growth, competitionE.

clusion, the banking sector in India is navigating through challenges related to deposit growth, competition, conclusionbanking sector in India is navigating through challenges related to deposit growth, competition, regulatory changes theng sector in India is navigating through challenges related to deposit growth, competition, regulatory changes,r in India is navigating through challenges related to deposit growth, competition, regulatory changes, anda is navigating through challenges related to deposit growth, competition, regulatory changes, and creditis navigating through challenges related to deposit growth, competition, regulatory changes, and credit expansionthrough challenges related to deposit growth, competition, regulatory changes, and credit expansion.hallenges related to deposit growth, competition, regulatory changes, and credit expansion. Eachlenges related to deposit growth, competition, regulatory changes, and credit expansion. Each bankes related to deposit growth, competition, regulatory changes, and credit expansion. Each bank'sto deposit growth, competition, regulatory changes, and credit expansion. Each bank's uniqueosit growth, competition, regulatory changes, and credit expansion. Each bank's unique strategiest growth, competition, regulatory changes, and credit expansion. Each bank's unique strategies andh, competition, regulatory changes, and credit expansion. Each bank's unique strategies and marketpetition, regulatory changes, and credit expansion. Each bank's unique strategies and market positioningetition, regulatory changes, and credit expansion. Each bank's unique strategies and market positioning contributeegulatory changes, and credit expansion. Each bank's unique strategies and market positioning contribute tory changes, and credit expansion. Each bank's unique strategies and market positioning contribute to theanges, and credit expansion. Each bank's unique strategies and market positioning contribute to the evolving landscape growthit expansion. Each bank's unique strategies and market positioning contribute to the evolving landscape,t expansion. Each bank's unique strategies and market positioning contribute to the evolving landscape, requiring Each bank's unique strategies and market positioning contribute to the evolving landscape, requiring ah bank's unique strategies and market positioning contribute to the evolving landscape, requiring a nuancedunique strategies and market positioning contribute to the evolving landscape, requiring a nuanced understandingnique strategies and market positioning contribute to the evolving landscape, requiring a nuanced understanding fore strategies and market positioning contribute to the evolving landscape, requiring a nuanced understanding for accuraterategies and market positioning contribute to the evolving landscape, requiring a nuanced understanding for accurate analysisd market positioning contribute to the evolving landscape, requiring a nuanced understanding for accurate analysis andositioning contribute to the evolving landscape, requiring a nuanced understanding for accurate analysis and informed contribute to the evolving landscape, requiring a nuanced understanding for accurate analysis and informed decisionbute to the evolving landscape, requiring a nuanced understanding for accurate analysis and informed decision-making the evolving landscape, requiring a nuanced understanding for accurate analysis and informed decision-making.the evolving landscape, requiring a nuanced understanding for accurate analysis and informed decision-making.evolving landscape, requiring a nuanced understanding for accurate analysis and informed decision-making.ndscape, requiring a nuanced understanding for accurate analysis and informed decision-making. by banks, such as branch expansion and interest rate differentials, are crucial factors influencing their performance in the evolving banking ecosystem.

Beyond Banks' Q3 Earnings: Concerns Over Deposits, Margins And Credit Growth - Forbes India (2024)

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References