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Dolat Capital Report
Deposit growth continues to outpace credit growth even as the growth differential has narrowed.
Deposit growth is ~2.5% higher than credit growth now versus ~6% a few months ago.
Retail and agri segments, growing at double digits, continue to drive demand. Net excess liquidity parked with the Reserve Bank of India under the reverse-repo at ~Rs 9 trillion stands at its highest in the last several years.
Corporate bond issuances picked up sharply in September month after being muted over the last several months, driven by financial sector. At the same time, commercial paper issuance declined, with corporate preference for long term issuances amid bottoming of interest rates.
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