A significant update on the nation’s public sector banks has been released. You should also be aware if you have an account at any PSU bank. Every day, bank transactions worth lakhs of rupees occur. In terms of growth during the second quarter, which bank has prevailed? The Bank of Maharashtra (BoM), a public sector bank, has experienced the highest growth in loans and deposits in the second quarter of the current financial year.
The deposits and loans of Pune
banks showed a growth of almost 20 percent. which, in the second quarter, is the highest of any public sector bank. Numbers have been made public. Public sector banks’ (PSBs’) quarterly statistics show that at the end of September 2023, banks’ gross domestic credit climbed to Rs 1,83,122 crore, representing a growth rate of 23.55 percent. Indian Overseas Bank, which had grown by 20.29 percent, Central Bank of India, which had grown by 17.26 percent, and UCO Bank, which had grown by 16.53 percent, came next.
What was SBI’s number?
The largest public sector lender in the nation, State Bank of India, is growing domestic credit at a rate of 13.21 percent, placing it in eighth place. Nonetheless, SBI’s overall loan amount was nearly 16 times greater than BOM’s, totaling Rs 28,84,007 crore, as opposed to Rs 1,75,676 crore. In terms of growth in deposits, BOM saw an increase of 22.18 percent, bringing its total deposits to Rs 2,39,298 crore on September 30, 2023.
BoB held onto the second spot.
Based on the data, SBI’s deposits have climbed by 11.80 percent to Rs 45,03,340 crore, while Bank of Baroda’s deposits have increased by 12 percent to Rs 10,74,114 crore.
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