The withdrawal of high-currency notes has resulted in a further decline in the cost of funds with the banking sector. Banks had started cutting deposit rates even before the government’s demonetisation announcement, in the wake of the RBI’s 25-bps cut in the repo rate at its October 5 monetary policy review. Public-sector lenders are believed to have received a larger share of the deposits than their privately-owned peers because of their relatively larger branch network. Jefferies recommends ‘Buy’ call on SBI cards with a target of Rs 1,020 amidst management’s positive outlookīanks have garnered deposits worth Rs 12.44 lakh crore between November 9 and December 10, according to the Reserve Bank of India ( RBI).
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