Bank Credit Rises 5.73%, Deposit Growth In Double Digits, Shows RBI Data
Indian two thousand and five hundered rupee notes arranged for photogaph. (Photographer: Dhiraj Singh/Bloomberg)

Bank Credit Rises 5.73%, Deposit Growth In Double Digits, Shows RBI Data

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Bank credit grew by 5.73% to Rs 105.04 lakh crore while deposits increased by 11.34% to Rs 145.92 lakh crore in the fortnight ended Dec. 4, Reserve Bank of India data showed.

In the fortnight ended Dec. 6, 2019, bank credit had stood at Rs 99.35 lakh crore and deposits at Rs 131.06 lakh crore.

In the previous fortnight ended Nov. 20, credit grew by 5.82% to Rs 104.34 lakh crore and deposits by 10.89% to Rs to Rs 143.70 lakh crore.

In October, non-food credit growth decelerated to 5.6% compared to a growth of 8.3% in the same month of the previous year.

Growth in loans to agriculture and allied activities accelerated to 7.4% in the month from a growth rate of 7.1% last year.

Credit to industry contracted by 1.7% in October 2020 as compared with 3.4% growth in October 2019.

Also read: Retail NPAs To Rise, Then Return To Pre-Covid Levels In FY22: Axis Bank

Growth in loans to the services sector accelerated to 9.5% in October 2020 from 6.5% in the same month of the previous year.

During the month, personal loans registered a decelerated growth of 9.3% as compared with 17.2% growth in October 2019.

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