NEWS & ADVICE : SAVINGS ACCOUNTS
Banks need to improve their financial performance: Chidambaram
By Vaibhav Aggarwal
May 5, 2014
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Finance Minister Mr. Chidambaram has instructed the banks to focus on the improvement of financial performance of the banks. Banks need to try for mobilising low-cost CASA deposits. Instead of depending on the bulk deposits banks should focus towards the CASA.

He stated that in order to improve the condition it is necessary that banks should increase their CASA and should try to make it up to 40%. All the public sector banks provide 4% per annum interest rate on savings account, while it is nil for current account deposits. Further banks should also pay attention towards the cutting the overhead cost.

And recently Banks were also instructed in order to control the bad loans they must take action against the willful defaulters. Cases of fraud include providing wrong information, submission of fictitious documents and so on. Non-Performing Assets or bad loans of state-owned banks rose by 28.5% from Rs 1.83 lakh crore in March, 2013 to Rs 2.36 lakh crore in September last year.


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