Left Menu
Development News Edition

HDFC Bank bucks trend, reports 7.41 pc rise in deposits in March-qtr

PTI | Mumbai | Updated: 05-04-2020 16:14 IST | Created: 05-04-2020 16:14 IST
HDFC Bank bucks trend, reports 7.41 pc rise in deposits in March-qtr

HDFC Bank has bucked what was emerging as a trend of private sector lenders facing a fall in deposit base during the March quarter. The largest private sector lender has reported a 7.41 per cent increase in aggregate deposits during the January-March period to Rs 11.46 lakh crore, which was 24 per cent higher as compared to March 31 last year. HDFC Bank said its advances have risen by around 21 per cent to Rs 9.93 lakh crore as of March 31 and have grown by over 6 per cent for the March quarter as compared to December-end. It purchased Rs 5,479 crore of loans from parent mortgage lender HDFC during the quarter, the bank said in an intimation to stock exchanges late on Friday. Starting with Yes Bank, which had to be bailed out by the government and RBI, a slew of lenders in the category including RBL Bank and IndusInd Bank have reported a fall in their deposit base in varying degrees. Many of the lenders have blamed the pullouts by state governments or related-entities for the troubles. Following the Yes Bank crisis, depositors were anxious about the health of private sector banks and the ones which seem to have reported some stress in books lately bore the brunt. The heavy fall in share prices -- attributed initially to the Yes Bank fiasco and later to global volatility triggered by the Covid-19 pandemic -- only added to the depositors' fears. States like Maharashtra came out with an official resolution advising all arms against banking with the private sector lenders, despite RBI's pleas on the contrary. RBI Governor Shaktikanta Das has also said the banking system is absolutely safe and urged all not to shun private sector lenders. Following the spate of concerns, many banks have been reporting a partial set of numbers since the end of March, to allay potential fears among stakeholders, before they come out with their final numbers

On a recent conference call, HDFC Bank's Managing Director Aditya Puri had recently said that the dip in economic activity may result in a quarter of muted growth but asserted that there are no issues with the portfolio quality.



Socio-economic Impact of Covid-19 on Women

Today, women and girls are facing a double whammy - their sources of income have dried up but the workload has increased. There is a great need for gender-sensitive policies to recover from the pandemic. ...

Tracking Cybersecurity: Laying the groundwork for tougher regulations post-COVID 19

The changes indicate that the tech industry is moving towards a paradigm shift over how it operates and, more importantly, how it is regulated....

Tax dodging in rich and poor countries alike, wealthy taxpayers often outwit the taxman

... ...

COVID-19 threatens to widen the digital gender divide

In a world that, all of sudden, has turned virtual, it has become absolutely essential to providing equal digital access and opportunities to the unconnected population, primarily dominated by women. ...


Latest News

With 498 new patients, tally of coronavirus cases rises to 19,617 in Gujarat while death toll reaches 1,219 with 29 patients dying: health official.

With 498 new patients, tally of coronavirus cases rises to 19,617 in Gujarat while death toll reaches 1,219 with 29 patients dying health official....

Anand returns home after over three months, family relieved and happy

Chess maestro Viswanathan Anand finally reunited with his family in Chennai after being stuck in Germany for over three months as the former world chess champion reached his home on Saturday after completing a seven-day institutional quaran...

Body is in zombie mode, will need minimum 4 weeks to achieve match fitness: Karthik

Indian wicketkeeper-batsman Dinesh Karthik said lack of activity due to the coronavirus-forced lockdown has put the body in a zombie mode and it will take at least four weeks for players to achieve match-fitness. Karthik said the cricketers...

Hundreds of Lebanese resume anti-government protests as lockdown eased

Several hundred Lebanese protestors took to the streets on Saturday, with some throwing stones and demanding the government resign over its handling of a deep economic crisis as hardship increases. The demonstrators, many wearing face masks...

Give Feedback