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The Times of India

Business

TIMESOFINDIA.COM

Household savings at record high in FY21: Where people are putting their money

United States India SBI New Delhi State Bank of India

NEW DELHI: Households in India saved a massive Rs 7.1 lakh crore during the pandemic stricken financial year 2020-21, a report by State Bank of India (SBI) economists showed.

There was a tendency on the part of households to increase precautionary or forced savings as people were forced to remain indoors for most part of the year due to nationwide lockdowns imposed to curb the spread of Covid-19 .

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