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For decades, the average Joe in India trusted public sector banks (PSBs) with a lion’s share of their hard-earned money. But that has been gradually changing. Private banks, armed with better return and technology, have been eating into PSBs’ deposit pie. In the past 10 years, between March 2015 and March 2025, public sector banks’ market share in total deposits fell from 76.3% to 56.3% — a 20-percentage point or 2,000 basis points (bps) fall.
