Bank deposits surge by 8.9pc in first 10 months of current FY, Shahbaz Gill

Jubilant Dr Gill took Twitter to share the news that the stock of banks’ deposits in July 2020 was Rs16,121.5b which increased to Rs17,561b in April 2021.

ایک اور اچھی خبر:جولائی20میں بینکوں کے پاس ڈیپازٹس 16,121.5ارب
روپےتھے جوکہ اپریل21 میں بڑھ کر17,561ارب روپےہو گئے

رواں مالی سال کے پہلے10ماہ میں بینک ڈیپازٹس میں 8.9 فیصد کا اضافہ، جبکہ بینک ایڈوانسسز میں 6.7 فیصد اور بینکوں کی سرمایہ کاری میں 15 فیصد اضافہ ریکارڈ کیا گیا ہے pic.twitter.com/pg3GYxCR2m

— Dr. Shahbaz GiLL (@SHABAZGIL) May 27, 2021

Likewise in the first 10 months of the current Fiscal Year, Bank deposits increased by 8.9 per cent, Bank advances by 6.7 per cent and investments by 15 per cent, he added.

On the other hand, bankers said the deposits have been increasing mainly due to higher remittances in the country which went up by 29pc in 10MFY21.

However, they also maintained that the deposit holders have little option to invest in the economy primarily due to the severe negative impact of COVID in this period.

The pandemic also affected the banks’ approach as they adopted a cautious strategy for advances. Bankers said that despite this cautious approach, advances were in better shape as they noted a growth of 6.7pc.

Advances were extremely low during the first five months of the current fiscal but it changed suddenly in December when these increased by Rs331bn compared to November 2020.