Bank deposits and equity investments of Indian households decline during Corona period: RBI

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New Delhi, 24 June 2021 Thursday

Corona has hit economic savings hard. Bank deposits and equity investments of Indian households have declined. According to the RBI's preliminary estimates, households' financial savings accounted for 8.2 per cent of GDP in FY20-21. The share was 10.4 per cent in the second quarter (September quarter). The share was 21 percent in the June quarter. In the June quarter of the financial year 2002-21, the total financial assets of Indian households stood at Rs. 815,886 crore. But in September, it fell to Rs. 4,91,906 crore. These assets stood at Rs 4,44,583 crore in the December quarter.

Household bank deposit ratio down to 3% of GDP

The RBI said that in the December quarter (2020-21), the household bank deposit ratio fell to 3 per cent of GDP. The ratio was 7.7 percent in the September quarter. As per the information received, in September (2020), the household bank deposit was Rs. 1,73,042 crore, while in the December (2020) quarter it declined to Rs. 3,67,264 crore.

Currency holdings of Indians also declined

On the other hand, Indian households are also seeing a decline in currency. They had currency worth Rs 2,06,889 crore in June 2020, but in September it fell to Rs 17,225 crore. Recovery reached Rs 91,456 crore in December. Equity assets also declined, from Rs 18,599 crore in June to Rs 8,291 crore in September, according to RBI data. But in December, it fell to Rs. 5,307 crore. According to Credit Suisse, Indians' assets declined by 6.1 per cent in 2020-21.

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