Indian States Banking Barometer Series - West Bengal - A More Deposit-Centric Market: ICICI Securities
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ICICI Securities Report
In this series of Indian states banking barometer, we deep-dive into the West Bengal market, which commands 4%/6% share in credit/deposits, respectively.
Few distinct characteristics of the state:
- Not a credit-led market - state credit to gross domestic product at ~42-43% (versus 53% pan-India level) and sub-5% credit growth over the past five years.
- Micro and small and medium enterprise lending dominate with few private banks controlling the space.
- More deposit-centric market, reflected in mere 52% credit-deposit ratio (leading private banks have less than 80% and State Bank of India at 34%); public sector banks dominate deposit market, though they are losing market share.
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