MUMBAI: Driven by the festive demand and the GST rate cut-induced shopping spree, both public and private sector banks have turned the tide in the third quarter, clocking double-digit growth in advances as well as deposit accretion. A dozen banks have reported their business updates for the December quarter over the weekend, recording double-digit growth in their loan and deposit books compared to the same period a year ago. The second largest state-owned lender Bank of Baroda said its domestic business increased 3.11% sequentially and 9.09% annually to Rs 27.65 trillion. The third largest state-owned lender Punjab National Bank reported a 10.15% rise in domestic advances to Rs 11.68 trillion in Q3. “Had this not been done, the annualized loan growth would have been 12.43%,” the Thrissur-based bank said.

Source: Indian Express January 03, 2026 18:58 UTC