Household owned majority of deposits in banks till March: RBI

Majority of deposits in banks is hold by the household sector at 61.5%

Majority of deposits in banks was held by the household sector at 61.5% as on March 31, 2016, the Reserve Bank of India (RBI) said on Monday.

This was followed by the government sector which accounted for 12.8% of total deposits. The private corporate sector came next with a contribution of 10.8%.

Total deposits as on March 31, 2016 was Rs 98,41,290 crore, as against Rs 89,72,710 crore till March 2015.

"A majority (63.8%) of the deposits was term deposits. The combined share of current and savings deposits, however, increased from 34.9% in 2015 to 36.2% in 2016," the RBI said.

More than half (51.5%) of the total deposits was raised by metropolitan branches followed by urban branches (22.8%) and semi-urban branches (15.4%).

While term deposits dominated the total deposits in these branches, savings deposits dominated in rural branches.

Public sector banks continued to maintain the largest share (70.6%) in total deposits. Private sector banks had a share of 21.6% in total deposits.

Further, seven states/ Union Territories — Maharashtra, Delhi, Uttar Pradesh, Karnataka, Tamil Nadu, West Bengal and Gujarat —comprised around 66% of total deposits of banks in India as on March 31, 2016.

Maharashtra alone contributed around 23% of the total deposits.