Bankers take to streets with megaphones, enlist grocers to lure customers

Indian bankers are taking to the streets with megaphones and enlisting grocers to sign up customers as they seek to lure cash deposits to fund the fastest credit growth in a decade.
 

Rising loan demand from companies and consumers has pushed annual credit growth to a decade high of 17.95% as of October, compared to a five-year average of 9.7%, data provided by the Reserve Bank of India shows. However, the deposit collection has failed to keep pace and is still staying close to its five-year average of 9.4%, pushing bankers to look for ways to lure deposits.