Bombay : Kotak Mahindra Bank has the highest current and savings account (CASA) ratio – or low-cost funds – among Indian banks at 56.2%. Still, Uday Kotak, the managing director and chief executive, is concerned, considering that growth in the savings account has declined steadily over the past seven quarters, after cutting the interest rate from 6% to 3, 5% in several installments. Kotak Mahindra Bank reported a 0.8% decline in savings account deposits at the end of the September quarter at ₹1.22 trillion compared to ₹1.23 trillion a year ago. Kotak, on the earnings call, attributed the decline to higher interest rates offered by other products.
Isle of Wight Council has presented its draft budget for the year ahead – a budget that seeks to hit the ‘reset’ button and reverse the previous annual cycle of cuts and decline, but still seeks to find £3million in savings and raise council tax. of 2.99%. In coming up with this year’s £400million spending […]
Independent Study Reveals Significant Operational Savings and Productivity Gains for Keepit Customers
Copenhagen, Denmark–(BUSINESS WIRE)–Keep itthe market leader in cloud backup and recovery, and the world’s only standalone, independent cloud dedicated to Software-as-a Service (SaaS) data protection, with a blockchain-verified solution, released today today the results of a Total economic impactMT (TEI) study conducted by Forrester Consulting, a division of Forrester Research. Commissioned by Keepit, the study […]
The reintroduction of a minimum interest rate on savings is not an option for commercial banks, even as they await discussions with Central Bank officials to possibly offer a facility to customers. Chairman of the Barbados Bankers Association, Anthony Clerk, in response to customer complaints about high bank charges and low interest rates on savings, […]