We need to also look at Deposit growth at other banks.
If they are also struggling to grow Deposits in line with their Loan growth then this is industry wide phenomenon. To some extent it could be happening due to cash requirements during certain periods or people are shifting money to RBI Floating Rate Bonds, Post Office and Equity MF(s). We need to look at trends of these 3 instruments as well.
Certainly Equity MF SIP has moved up in 2023, so that could be one of the reasons but we can not jump to conclusions so easily.
I believe that, BFSI sector is going through lean period in terms of Share Price growth. This is also evident in Kotak Bank. Kotak Bank is doing much better but still their share price is standstill during 2023. So we need to look at reasons for the BFSI sector as well.
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