Banks show strong growth during August: RBI data

Mumbai, Sep 12 (PTI) Bank credit grew by 13.49 percent to Rs 87,89,259 crore in the fortnight ended August 31, according to recent RBI data.

In the year-ago fortnight, bank advances were at Rs 77,44,237 crore. In the reporting period, the growth in advances was higher than the previous fortnight ended August 17, 2018, when it had grown at 12.94 percent to Rs 86,75,129 crore.

In the fortnight ended August 31, 2018, deposits grew by 8.88 percent to Rs 116,45,870 crore from Rs 106,96,099 crore in the fortnight ended September 1, 2017, the RBI data showed.

Deposits grew at 8.31 percent to Rs 106,28,428 crore in the fortnight ended August 18, 2017. In July 2018, non-food bank credit rose by 10.6 per as compared with an increase of 5.3 percent in July 2017.

Loans to agriculture and allied activities rose by 6.6 per cent in July in comparison with an increase of 6.8 percent in the same month last year.

The services sector advances expanded by 23 per cent in July as compared with that of 4.9 percent in July 2017. Personal loans rose by 16.7 percent in July 2018, up from an increase of 15 percent in July 2017.