BoB, BoM and SBI Launch Deposit Schemes to Fund Credit Demand

Current Context: On 15th July 2024, Bank of Baroda (BoB) introduced “The BoB Monsoon Dhamaka Deposit Scheme” with attractive interest rates for retail deposits below ₹3 crore.

• Bank of Maharashtra (BoM) also unveiled a scheme with varying tenors and interest rates.
• Additionally, State Bank of India (SBI) plans to launch a 444-day monsoon special retail deposit scheme at 7.25% interest.
• These initiatives aim to bridge the gap between credit demand and available deposits, ensuring financial stability for the banks.

Question:

1 Which bank introduced "The BoB Monsoon Dhamaka Deposit Scheme" on 15th July 2024?

• A) Bank of Maharashtra
• B) State Bank of India
• C) HDFC Bank
• D) Bank of Baroda

Answer: D) On 15th July 2024, Bank of Baroda (BoB) introduced “The BoB Monsoon Dhamaka Deposit Scheme” with attractive interest rates for retail deposits below ₹3 crore.