Bank credit, deposit growth manage to remain in double- digits

Economy


MUMBAI: Bank credit and deposits grew 12.02 percent and 10.32 percent to Rs 96.975 trillion and Rs 126.746 trillion, respectively in the fortnight to July 5, according to the latest RBI data.

In the year-ago fortnight, bank credit was at Rs 86.566 trillion, while deposits were at Rs 114.883 trillion.

In the previous fortnight to June 21, bank loans had risen 12 percent to Rs 96.485 trillion and deposits 10.02 percent to Rs 124.905 trillion.

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On a year-on-year basis as of May, non-food credit increased 11.4 percent from 11.1 percent.

Personal loan growth slowed to 16.9 percent in May from 18.6 percent in the year ago period.

Credit growth to the services sector also lost steam and grew at a much slower pace of 14.8 percent in May down from a high 21.9 percent in the same month last year.

Loans to agriculture & allied activities increased by 7.8 percent compared to increase of 6.4 per cent. Credit to the industry rose at much faster clip of 6.4 percent in May as against an increase of a paltry 1.4 percent in May 2018.



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