Home Business Bank credit rises by 6.18%, deposits by 11%: RBI data

Bank credit rises by 6.18%, deposits by 11%: RBI data

by the owl speaks

According to the RBI, bank loans and deposits increased by 6.18 percent and 11 percent to some Rs.1102.45 lakh crore and some Rs.138.67 lakh crore, respectively, in the fortnight ended June 19.

In June 21 , 2019, the fortnight ended, bank credit stood at about  Rs.996.48 lakh crore and Rs.124.92 lakh crore deposits.

Advances had grown 6.24 percent in the previous fortnight that ended on June 5 this year and deposits by 11.28 percent.

Rating agency Crisil said in a recent report that the growth of bank credit is likely to result in a multi-decadal low of 0-1 per cent in 2020-21 as the COVID-19 pandemic has sharply affected economic activity.

The growth of bank loans to industry decelerated from 6.4 per cent in the corresponding month last year to 1.7 per cent in May.

Loan growth for services slowed to 11.2 per cent in May, compared to 14.8 per cent a year earlier.

 

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