Credit pick-up nearly stalls,up paltry 7.4%; deposits up 9.5%

Tags: News
Bank credit grew by a tepid 7.4 per cent during the week ended November 15 to Rs 54,49,900 crore, while aggregate deposits were up 9.5 per cent since April 1, according to RBI data.

Overall bank credit grew 7.4 per cent or by Rs 3,89,450 crore to Rs 54,49,900 crore as of November 15, it said in the data released today. Of this, banks added Rs 3,84,090 crore on the non-food credit front since April 1, while on the food credit, it stood at Rs 5,370 crore, RBI said.

The aggregate deposits were up by 9.5 per cent or Rs 6,39,300 crore in absolute terms to Rs 73,89,700 crore as of November 15, it added.

It can be noted that at 4.4 per cent and 4.8 per cent, economic growth for the first two quarters of this fiscal has been fairing below last fiscal's 5 per cent.

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