Demonetisation will continue to affect India’s economy and its business: SBI

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India’s largest Public Sector Bank State Bank of India has said that the impact of demonetisation will continue to affect India’s economy growth and its business at the same time, as per reported in The New Indian Express.

SBI Chairman Arundhati Bhattacharya.

“The long-term impact of this move on the Indian economy and the banking sector is uncertain,” SBI told institutional investors. Country’s largest lender is selling its H15,000 crore shares through private placement.

“The increased competition may have an adverse effect on the net interest margin and other income and if the bank is unable to compete successfully, its profitability may decline,” the report added.

The ‘abrupt’ notes recall decision caused a rise in the share of CASA deposits in aggregate deposits by 4.10 per cent to 39.30 per cent (as of Feb 17, 2017) that brought down the cost of aggregate deposits, and banks have lowered their term deposit rates, said an RBI report.

Recently State Bank Of India merged its sister banks to consolidate its business and also start leveraging charges from various services offered by the bank.