Bank credit grows 7.1% to Rs 99.47 trn; deposits rise 10% to Rs 130 trn


PTI, Jan 3, 2020, 2:04 PM IST

Mumbai: Banks’ credit and deposits grew by 7.10 per cent and 10.09 per cent to Rs 99.47 trillion and Rs 130.08 trillion in the fortnight ended December 20, according to the latest Reserve Bank data.

In the year-ago fortnight, banks’ advances stood at Rs 92.87 trillion, while deposits were at Rs 118.16 trillion.

In the previous fortnight ended December 6, credit had grown by 7.91 per cent to Rs 99.34 trillion and deposits had increased by 10.27 per cent to Rs 131.05 trillion.

On a year-on-year basis, banks’ credit growth slowed to 7.2 per cent to Rs 86.73 trillion in November 2019 from 13.8 per cent increase to Rs 80.93 trillion in the year-ago period.

Loans to industry growth fell to 2.4 per cent to Rs 27.72 trillion in November from 4 per cent in the corresponding month of 2018.

During the month, credit to agriculture and allied activities slowed to 6.5 per cent from 7.7 per cent last year.

Advances to the services sector decelerated sharply to 4.8 per cent from 28.1 per cent last year. Personal loans grew at a marginally lower rate of 16.4 per cent in November 2019 as compared to 17.2 per cent earlier, according to the RBI data.

Rating agency ICRA in a recent report said credit expansion may plummet to a six-decade low of 6.5-7 per cent in 2019-20 compared to 13.3 per cent in the previous financial year.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Kerala govt to revise manual for junior doctors, house surgeons

State can interfere with religious practices if they impede development, equality rights: SC

Four cheers at MP’s Kuno park; cheetah Neerva gives birth to cub quartet

HC directs Delhi govt to appoint ex-officio members to state mental health authority

‘Challenge after 44 years’: Supreme Court junks pleas against ‘socialist’, ‘secular’ in Preamble

Katapadi: Dangerous potholes along NH-66 pose threat to commuters

HC seeks Centre’s response on girl’s plea to expedite rare disease treatment

Related Articles More

Sensex reclaims 80k mark; Nifty surges over 1% after BJP-led Mahayuti’s win in Maharashtra

Rapid digital expansion to create over 1 lakh new jobs in fiber tech in India in next 5 years

Choose correct ITR to report foreign assets; 2 lakh such returns filed: CBDT official

Air India Express increases flight operations from northeast destinations

Mcap of 8 of top-10 most-valued domestic firms jumps Rs 1.55 lakh cr; HDFC Bank, TCS sparkle

MUST WATCH

Coconut Flower

Prakash Belawadi

Naxal Leader Vikram Gowda

Christmas Cake Fruit Mixing

DK Shivakumar


Latest Additions

Kerala govt to revise manual for junior doctors, house surgeons

State can interfere with religious practices if they impede development, equality rights: SC

Four cheers at MP’s Kuno park; cheetah Neerva gives birth to cub quartet

HC directs Delhi govt to appoint ex-officio members to state mental health authority

‘Challenge after 44 years’: Supreme Court junks pleas against ‘socialist’, ‘secular’ in Preamble

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.