Deposits in accounts opened under the government´s ambitious financial inclusion scheme Pradhan Mantri Jan Dhan Yojana have crossed Rs.25,000 crore, the Finance Ministry said. A “good amount” has come to the banks as low-cost deposits, it said.
Tag: Deposits
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Banking licence likely to provide IDFC access to low-cost bank deposits
IDFC Ltd has won a banking licence as per a recent RBI announcement. A banking licence would provide a window to IDFC to access low-cost bank deposits and reduce reliance on high-cost term loans and, thus, help expand margins. The company was set up in 1997 as a specialised lender for big-ticket infrastructure project with long gestation period.