...is the recent CD issue by banks

IIPM MANAGEMENT INSTITUTE
The RBI’s decision to hike short-term rates may or may not put brakes on the swashbuckling credit growth, but one thing is for sure that it has translated into another round of lending rate hikes by banks. While the Finance Ministry can ask public sector banks not to hike rates (as it did on August 5, 2006), what the ministry cannot do is to stop people from borrowing.

RBI in its Q1 review has expressed its concerns over credit growth and more so over the pathetic rate of growth of deposits and the manner in which banks are trying to meet the credit demand. As of July 7, 2006, on a year-on-year basis, the aggregate deposits of banks have grown by a mere 19.3% as compared to non-food credit, which grew at a monstrous 32.9% (refer graph). And to meet this demand, banks have been raising money from every nook & corner.

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Source :- IIPM Editorial, 2006, Editor - Prof. Arindam Chaudhuri

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