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In the fortnight ended February 28, 2020, bank credit stood at Rs 101.05 lakh crore and deposits at Rs 133.26 lakh crore, released by RBI showed.

According to the brokerage, despite March 2021 inflation tracking 5.5 per cent+, the RBI's Q4FY21 forecast could see a 25-30bps cut.

"The improvement witnessed in August-October 2020, after the unlocking, fizzled out in November 2020 as the industry reported APE degrowth of 44.4 per cent YoY," it said.

The 30-share BSE index ended 376.60 points or 0.94 per cent higher at 40,522.10

The retail volume improvement in August and September has been driven by pent-up demand, positive rural sentiment, shift toward personal mobility and fading impact of price hikes