Bank credit rise 5.06 pc, deposits up by 10.12 pc: RBI data

By: |
November 6, 2020 8:03 PM

Loan growth in the services sector accelerated to 9.1 per cent in September 2020 from 7.3 per cent in the same month last year.

“We have already seen the growth as far as our book is concerned. We have seen growth of about 6% till September 30. Hopefully, with the unlocking happening, we should be in a position to reach better than 8%.”

Bank credit grew by 5.06 per cent to Rs 103.39 lakh crore, while deposits rose by 10.12 per cent to Rs 142.92 lakh crore in the fortnight ended October 23, according to the RBI data.

In the fortnight ended October 25, 2019, bank credit had stood at Rs 98.40 lakh crore, and the deposit was Rs 129.78 lakh crore.

In the previous fortnight ended October 9, 2020, bank credit had risen by 5.66 per cent and deposits by 10.55 per cent.

Non-food bank credit growth decelerated to 5.8 per cent in September 2020 from 8.1 per cent in the same month previous year, according to the data.

Credit to industry recorded ‘nil’ growth in September 2020 as compared to 2.7 per cent growth in the year-ago period.

Credit to agriculture and allied activities rose by 5.9 per cent during the reporting month as against a growth of 7 per cent a year ago.

Loan growth in the services sector accelerated to 9.1 per cent in September 2020 from 7.3 per cent in the same month last year.

Personal loans registered a growth of 9.2 per cent in the month as compared to 16.6 per cent growth in September 2019.

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