RBI MPC Meet From Tomorrow: SBI Foresees Strong FY25 Growth In Deposits & Credit, Eyes Rate Cuts; Check Details

RBI MPC Meet From Tomorrow: SBI Foresees Strong FY25 Growth In Deposits & Credit, Eyes Rate Cuts; Check Details

SBI expects RBI to initiate a rate cut cycle in the third quarter of FY25.

Oliviya KunjumonUpdated: Tuesday, April 02, 2024, 03:11 PM IST
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RBI MPC Meet Tomorrow: SBI Foresees Strong FY25 Growth In Deposits And Credit, Eyes Rate Cuts | Representative image

As the RBI's three-day Monetary Policy Committee (MPC) meeting is scheduled from April 3 to April 5, the State Bank of India (SBI) has today announced its expected growth in both deposits and credit for the fiscal year 2025.

SBI Forecasts Strong Growth in Deposits and Credit for FY25 - Key Points

1. State Bank of India (SBI) predicts substantial growth in both deposits and credit for the fiscal year 2025, in a report released .

2. SBI projects deposits to grow at a rate of 14.5 per cent to 15 per cent, while credit is expected to expand between 16.0 per cent to 16.5 per cent in FY25.This forecast comes amid sustained momentum in credit growth, particularly in agriculture, MSME, and services sectors.

3. As of March 8, All Scheduled Commercial Banks' credit grew by 20.41 per cent, while deposits increased by 13.7 per cent.

4. India's strong economy has drawn in more foreign investments than other Asian markets in March.

5. Despite geopolitical tensions and concerns over higher interest rates, India remains an attractive destination for foreign funds.

6. SBI expects RBI to initiate a rate cut cycle in the third quarter of FY25, although it may be shallow compared to other emerging economies.

7. The US is experiencing structural shifts in the labor market, with low unemployment rates alongside elevated job vacancy rates.

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