Demonetisation: Low-cost deposits growth positive for banks, says PS Jayakumar

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Post demonetisation, low-cost deposit growth has been a positive for the banking sector, PS Jayakumar, MD & CEO of Bank of Baroda   told CNBC-TV18.

Cost of deposits have reduced for banks giving them a leeway to cut lending rates. Bank of Baroda’s savings account growth after demonetisation stands at Rs 38,000 crore.

Sanctions in the third quarter have been robust with drawdowns on the lower side, he added. The bank is working to reduce its net non-performing assets (NPAs) down to Rs 11,000-12,000 crore from the current Rs 19,000 crore. Next fiscal, focus will be on loan growth, Jayakumar added.

Source: moneycontrol.com

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