Bank credit grows 6.25% to Rs 102.23 trn, deposits up 10.64%: RBI

Bank credit and deposits grew 6.25 per cent and 10.64 per cent year-on-year to Rs 102.23 trillion and Rs 138.30 trillion, respectively, in the fortnight ended May 22, according to the latest data from the Reserve Bank of India.

In the fortnight ended May 24, 2019, bank loans had stood at Rs 96.21 trillion and deposits at Rs 124.99 trillion, the RBI data showed.

On a fortnightly basis, bank advances de-grew by 0.3 per cent or Rs 28,683.47 crore to Rs 102.23 trillion in the reporting period from Rs 102.51 trillion as on fortnight ended May 24, 2020.

Deposits' growth remained stable on a fortnight basis.

In April, the outstanding incremental non-food credit growth contracted by 1.2 per cent to Rs 91 trillion from Rs 92.12 trillion in March, the RBI data had showed.

On a year-on-year basis, non-food credit growth decelerated to 7.3 per cent in April 2020 from 11.9 per cent in the same month last year, the data showed.

Loan growth to agriculture and allied activities decelerated to 3.9 per cent in April 2020, against 7.9 per cent in April 2019.

Growth in advances to the services sector decelerated to 11.2 per cent, from 16.8 per cent in April 2019.

Personal loans growth decelerated to 12.1 per cent in April 2020, compared with 15.7 per cent in April 2019.