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GNDI: Net financial savings of households fell by 2.4% to 5.2 percent in four years, banks fined Rs 86 crore
GNDI: RBI has taken action against banks 281 times in 2023-24 for violating various rules. Instead of this, a fine of Rs 86.11 crore has been imposed. 16 times action was taken against government banks. They were fined Rs 23.68 crore.
The net financial savings of the country's households have declined by 2.4 percent in the last four years. However, their physical assets have increased. According to the RBI's annual report, the gross financial savings of households in the financial year 2019-20 was 11.4 percent of the Gross National Disposable Income (GNDI), which declined to 10.9 percent in 2023-24. During the same period, net financial savings also declined from 7.6 percent to 5.2 percent.
According to the report, gross financial savings stood at 15.2 percent in 2020-21, while it declined to 10.9 percent in 2021-22. Net financial savings also declined from 11.6 percent to 7.2 percent during the same period. Savings in physical assets were 11 percent of GNDI in 2019-20, which declined to 10.6 percent in 2020-21. It increased to 12.4 percent in 2021-22 and reached 12.7 percent in the last financial year.
In 2023–24, the RBI took 281 actions against banks for breaking different regulations. Rather than that, an 86.11 crore rupee fine has been imposed. The government banks were targeted sixteen times. They were fined Rs 23.68 crore. Twelve private banks were fined, but the total amount was Rs 24.90 crore. A fine of Rs 12 crore was levied against cooperative banks on 215 separate occasions. In 22 cases, NBFCs were fined Rs 11.53 crore.
