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A short clip went viral on social media last week, and in it a middle-aged man was seen publicising on the streets of Mumbai a deposit scheme of a public-sector bank.
At a time when the liquidity surplus in the banking system has shrunk considerably in the past one month or so, with credit growth outpacing deposit growth by a huge margin, such efforts by lenders to garner depositors are not surprising.
Deposit growth in the system has been trailing credit growth for quite some time now.
According to the Reserve Bank of India (RBI) data, credit growth touched a
