RBI: Bank credit grows at 6.02%, deposits at 11.19%

MUMBAI: Banks’ credit growth grew at 6.02 per cent to Rs 76,58,212 crore in the fortnight ended June 9 from Rs 72,22,939 crore in the same period of fiscal 2016, according to the data released by RBI.

The growth in advances in the reporting period was slightly higher than the previous fortnight ended May 26, 2017, RBI data showed.

In the fortnight ended May 26, advances had grown by 5.08 per cent with an outstanding loans at Rs 75,93,546 crore.

In the fiscal ended March 31, 2017, credit growth had plunged to a multi-year low of 5.08 per cent with an outstanding loan at Rs 78.81 trillion as against Rs 75.01 trillion on April 1, 2016.

In the reporting fortnight, bank deposits grew at 11.19 per cent to Rs 105,77,947 crore from Rs 95,13,148 crore in the fortnight ended June 10, 2016.

Deposits in the fortnight ended May 26 had grown by 10.9 per cent to Rs 105,51,182 crore from Rs 95,14,087 crore in the period ended May 27, 2016, the data showed.

Source