Banks levy a fee on transactions under core banking solutions.
A clampdown on fresh personal loans, credit cards and auto loans is taking a toll on direct selling agents hired by banks to push these products. According to estimates, banks have reduced the number of DSAs by 15-25 per cent, while marketing expenses are 35-40 per cent lower.
With higher interest rates, bankers today said their loan portfolios will grow at a slower pace, partly because of the caution being exercised by lenders themselves.
Individuals are lining up to park their money in fixed deposits (FDs), what with the instrument earning 15-20 per cent more than what they were in April.
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