Deposit mobilisation by banks saw a rise of 10.4% year-on-year till June 13. This growth surpassed the credit expansion of 9.6%. Consequently, the credit-deposit ratio for banks declined. Fixed deposit mobilisation increased due to expectations of deposit rate cuts. Reserve Bank of India reduced the repo rate. Banks’ credit grew 9.6% year-on-year as of June 13.
Ind-Ra downgrades Jana Capital, Jana Holdings NCDs to default
India Ratings downgraded Jana Capital and Jana Holdings’ NCDs to default after both entities extended debt repayments by six months due to refinancing challenges. Jana