Bank credit grows by 10.26%, deposits 10.02%: RBI data

Bank credit and deposits grew at 10.26 percent and 10.02 percent to Rs 97.01 lakh crore and Rs 127.22 lakh crore, respectively, in the fortnight ended September 13, according to the recent RBI data. In the year-ago fortnight, banks advances were at Rs 87.98 lakh crore and Rs 115.63 lakh crore.

In the previous fortnight ended August 30, 2019, bank loans increased by 10.24 percent to Rs 96.80 lakh crore and deposits by 9.73 percent to Rs 127.80 lakh crore. In July, the non-food bank credit increased by 11.4 percent on the year-on-year (y-o-y) basis, as compared with a growth of 10.6 percent in July 2018.

Advances to the services sector decelerated to 15.2 percent in the month from 23 percent in the year-ago period. Credit to agriculture & allied activities rose by 6.8 percent as compared with an increase of 6.6 percent in the same month last year.

Loans to industry were up by 6.1 percent in July 2019 as compared with an increase of 0.3 percent. Personal loans increased by 17 percent in July 2019 as compared with an increase of 16.7 percent in July 2018, RBI data had shown.