Bank credit grows by 5.73%, deposits by 11.34%

RBI data showed that bank credit grew by 5.73 per cent while deposits increased by 11.34 per cent in the fortnight ended December 4, 2020.

Mumbai: Bank credit grew by 5.73 per cent to Rs 105.04 lakh crore while deposits increased by 11.34 per cent to Rs 145.92 lakh crore in the fortnight ended December 4, the RBI data showed.

In the fortnight ended December 6, 2019, bank credit had stood at Rs 99.35 lakh crore and deposits at Rs 131.06 lakh crore.

In the previous fortnight ended November 20, credit grew by 5.82 per cent to Rs 104.34 lakh crore and deposits by 10.89 per cent to Rs to Rs 143.70 lakh crore.

In October, non-food credit growth decelerated to 5.6 per cent compared to a growth of 8.3 per cent in the same month of the previous year.

Growth in loans to agriculture and allied activities accelerated to 7.4 per cent in the month from a growth rate of 7.1 per cent last year.

Credit to industry contracted by 1.7 per cent in October 2020 as compared with 3.4 per cent growth in October 2019.

Growth in loans to the services sector accelerated to 9.5 per cent in October 2020 from 6.5 per cent in the same month of the previous year.

During the month, personal loans registered a decelerated growth of 9.3 per cent as compared with 17.2 per cent growth in October 2019.

(PTI Report)