From offering insurance cover to enhancing customer engagements and higher rates, commercial banks are devising multiple strategies to mobilise deposits following a nudge from Reserve Bank of India Governor Shaktikanta Das. Das called for product innovation and full utilisation of branch networks to raise resources.
At a post-Budget press meet in New Delhi last week, Union Finance Minister Nirmala Sitharaman had also urged banks to devise innovative schemes to boost deposit mobilisation.
State-run Canara Bank is set to launch two new deposit products in October, targeting the younger population, particularly those enrolled in professional courses. The Bengaluru-based bank is
