Axis Bank Sees Fight for India Deposits Intensifying
- Indian banking credit growth has hit decade highs recently
- Deposit mobilization has failed to keep up with credit growth
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The battle for deposits among Indian lenders is unlikely to abate, a senior official at Axis Bank Ltd. said on Monday, with customers seeking higher returns on their investments.
The fight is pushing Axis Bank — among the top private sector lenders — to work on a number of strategies to shore up its liabilities business, Deputy Managing Director Rajiv Anand told Bloomberg TV’s Rishaad Salamat and Haslinda Amin. Those include building partnerships with physical and digital partners and leveraging the bank’s some 5,000 branches, he said. The bank plans to add another 500 branches this year, Anand said.