According to the latest figures released by the Reserve Bank of India (RBI) on Friday, bank credit, as of February 1, rose to Rs 22,07,312 crore or 1.9% over the previous fortnight while aggregate deposits were up Rs 30, 89540 crore or 1.9%. Non-food credit grew by Rs 38,356 crore to Rs 21,66, 120 crore while food credit was up by Rs 2009 crore to Rs 41,192 crore. Bank deposits rose by Rs 58,899 crore to Rs 30.9 lakh crore in the two weeks to February 1. At the same time, money supply (M3) grew an annual 23.9% in the two weeks to February 1, faster from 23.8%, two weeks earlier. Outstanding loans rose by Rs 40,465 crore to Rs 22.07 lakh crore in the two weeks to February 1.
Meanwhile, The Reserve Bank of India on Friday has finalised guidelines on ?Registration and Operations of Mortgage Guarantee Company? after consultation with stakeholders. The guidelines will be applicable with immediate effect. The RBI has earlier clarified that a Mortgage Guarantee Company will be treated as non-banking financial company.
It may be recalled that the RBI first issued draft guidelines on ‘Registration and Operations of Mortgage Guarantee Company’ on April 2, 2007. The draft guidelines were modified in the wake of public comments received and were placed once again on the bank’s website on January 23, for comments by a wider audience.