Are Indians really breaking bank deposits to buy mutual funds? Let's run a statistical test

An analysis by Bank of Baroda economist Dipanwita Mazumdar explores the correlation between Indian households shifting savings from bank deposits to mutual funds using Granger causality test and Cointegration regression. Despite growing mutual funds, both have increased at different rates. The share of bank deposits in household financial savings fell to 29.4%, while mutual funds rose to 6%.