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It has cited head winds like strained financial savings, the rise of alternatives such as stock market investments and strong growth in alternate government savings schemes (
Interestingly, increase in alternative government savings schemes is equivalent to 34 per cent of the increase in deposits over FY21-23, Goldman Sachs said.
It said: “We believe the system would need to offer attractive rates to make bank-deposits attractive.
“We believe consumer lending is nearing the consolidation phase driven large volumes of unsecured lending with an estimated 120mn unsecured personal loans which increased 4X over the last three years; rising financial leverage at
Bank deposits also see competition from government small savings investments which have now grown to 20 per cent of the total deposit pool in the system, and offer higher interest rates compared to bank TD.
The share of deposits in the household financial asset mix has decreased to only 45 per cent in FY23 (compared to 48 per cent in FY21), with incremental flow of only 35 per cent going towards deposits. This has led to flows of net financial assets as a proportion of GDP to more than halve from FY21 to FY23, Goldman Sachs said.
–IANS
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