Bank credit grows at 6.02%, deposits at 11.19%: RBI data
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Mumbai: Banks’ credit growth was up 6.02% to Rs76,58,212 crore in the fortnight ended 9 June from Rs72,22,939 crore in the same period of fiscal 2016, according to the data released by the Reserve Bank of India (RBI).
The growth in advances in the reporting period was slightly higher than the previous fortnight ended 26 May 2017, RBI data showed. In the fortnight ended 26 May, advances had grown by 5.08% with outstanding loans at Rs75,93,546 crore.
In the fiscal ended 31 March, credit growth had plunged to a multi-year low of 5.08% with outstanding loan at Rs78.81 trillion as against Rs75.01 trillion on 1 April 2016. In the reporting fortnight, bank deposits grew at 11.19% to Rs105,77,947 crore from Rs95,13,148 crore in the fortnight ended 10 June 2016.
Deposits in the fortnight ended 26 May had grown by 10.9% to Rs105,51,182 crore from Rs95,14,087 crore in the period ended 27 May 2016, the data showed.