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Second COVID wave impacts bank deposits, currency holding with public: RBI report

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Mumbai: Bank deposits and currency holding with the public have been adversely impacted during the second COVID wave, indicating a heavy outgo towards pandemic-induced medical expenditure, an RBI article said on Wednesday.Bank deposits -- having a share of around 55 per cent in total assets of households -- decelerated by 0.1 per cent at end-April 2021 on a m-o-m (month-on-month) basis as against a growth of 1.1 per cent in April 2020.The rate of decline in bank deposits vis-a-vis bank credit has also been higher, indicating that this time around the banking sector component of household savings declined.

This is in sharp contrast with the spike in savings witnessed during the first wave, the article, published in RBI's monthly bulletin,.

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