Deposit growth remains tardy; forex grows by $940 million

Mumbai, Sept 29 | Updated: Sep 30 2006, 05:32am hrs
While the deposits continued its tardy growth, the countrys forex reserves showed an increase by $940 million for the week ended September 22, said the weekly statistical supplement by Reserve bank of India (RBI) on Friday. The forex reserve was pegged at $166.482 billion as compared to previous weeks $165.542 billion.

A break-up of the reserves showed that the rise in the forex reserves was mainly due to the increase in foreign currency assets.

The foreign currency assets increased by $936 million to $ 159.175 billion during the reporting week.

The countrys reserve tranche position or the reserves held with the International Monetary Fund (IMF) inched up by $4 million to end at $768 million.

Meanwhile the gold deposits and special drawing rights for the week remained static at $6.538 billion and $1 million respectively. For the fortnight ended September 15, the aggregate deposits grew by meager Rs 1,355 crore to Rs 22,53,056 crore recording a flat growth of 0.1%. The demand deposits, showed a decline by Rs 938 crore to Rs 3,39,265 crore for the fortnight.

While the time deposits for the fortnight have shown an increase by Rs 2,292 crore to Rs 19,13,791 crore.

The bank credit for the fortnight for the period under review, increased by Rs 14,889 crore showing an increase of 0.9% to end at Rs 16,07,518 crore.

The increase in credit was due to increase in non-food credit, which grew by Rs 15,022 crore to Rs 15,71,122 crore.

While the food credit disbursals has degrown by Rs 133 crore to Rs 36,396 crore, said the Reserve bank.