[Investors Please Listen] Deposits in SBI zooms in hard times.

State Bank of India (SBI) recorded its biggest gain in the market
share of deposits in the quarter following the Lehman Brothers'
collapse. The country's largest bank grabbed a market share from all
industry segments, including other nationalised banks, private banks
and foreign banks.

The Reserve Bank of India numbers show that SBI Group's share of bank
deposits jumped from 23.2% in end-September 2008 to 24.4% in end-
December 2008. The enormity of the gain in market share becomes clear
when viewed in context of the overall deposit base of Rs 35,69,352
crore, as on end-December.

There are two reasons behind SBI's growth in market share. SBI was the
biggest gainer in the 'flight to safety' phenomenon observed after the
collapse of Lehman. With rumours about banks being in trouble,
investors shifted funds away from foreign and private banks into
government banks.

In the post-crisis quarter, even large corporates like Infosys moved
their deposits to SBI. Infosys has disclosed that it transferred
deposits of nearly Rs 1,000 crore from ICICI Bank to State Bank of
India last year.

Source: TOI
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