Bank credit up 5.66 pc, deposits rise 10.55 pc: RBI data

Mumbai, Oct 22: Bank credit grew by 5.66 per cent to Rs 103.44 lakh crore, while deposits increased by 10.55 per cent to Rs 143.02 lakh crore in the fortnight ended October 9, according to RBI data.

In the fortnight ended October 11, 2019, bank credit had stood at Rs 97.89 lakh crore and deposits at Rs 129.38 lakh crore. In the previous fortnight ended September 25, 2020, bank credit had grown by 5.15 per cent to Rs 102.72 lakh crore and deposits rose by 10.51 per cent to Rs 142.64 lakh crore.

On a year-on-year basis, non-food bank credit growth decelerated to 6 per cent in August as against 9.8 per cent in the same month last year, central bank data showed. Growth in loans to agriculture and allied activities rose 4.9 per cent in the reporting month, as compared to a growth of 6.8 per cent in August last year.

Credit growth to the services sector decelerated to 8.6 per cent from 13.3 per cent last year. Growth in advances to industry decelerated to 0.5 per cent in August 2020 from 3.9 per cent earlier. Personal loans continued to perform well, registering a growth of 10.6 per cent in August 2020 as against 15.6 per cent in August 2019.