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Bank advances rise 6.11 pc, deposits expand by 9.09 pc in 1st fortnight

PTI | Mumbai | Updated: 26-03-2020 21:04 IST | Created: 26-03-2020 21:04 IST
Bank advances rise 6.11 pc, deposits expand by 9.09 pc in 1st fortnight

Bank credit and deposits grew by 6.11 per cent and 9.09 per cent respectively in the fortnight ended March 13, according to the latest Reserve Bank data. Bank advances stood at Rs 101.40 lakh crore in the period under review against Rs 95.56 lakh crore in the fortnight ended on March 15, 2019. Deposits were Rs 133.39 lakh crore in the fortnight to March 13 this year against Rs 122.27 lakh crore in the last year.     In the previous fortnight ending February 28, bank credit had grown by 6.13 per cent to Rs 101.04 lakh crore and deposits increased by 9 per cent to Rs 133.31 lakh crore.    In January 2020, bank credit growth declined to 8.5 per cent as against a growth of 13.5 per cent year-ago, led by a sharp slowdown in loans to the services sector.

Growth in advances to the services sector decelerated to 8.9 per cent from 23.9 per cent in January 2019. During the month, personal loans segment grew by 16.9 per cent, unchanged from the year-ago period.

Within personal loans, credit to housing segment grew by 17.5 per cent from 18.4 per cent, while education loan showed a negative growth of 3.1 per cent as against a negative growth of 2.3 per cent in January 2019, the RBI data showed. Advances growth to agriculture and allied activities contracted to 6.5 per cent from 7.6 per cent rise last year.

Credit growth to industry decelerated to 2.5 per cent from 5.2 per cent..

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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