Bank credit grows 9.5% to Rs 68 lakh-cr

Deposits increased slightly faster at 11% to Rs 91 lakh-cr

Credit in the banking system continues to grow in single digit. According to the Reserve Bank of India data, Scheduled commercial banks’ credit grew 9.5 per cent to Rs 67,83,127 crore in the fortnight ended on October 16, against Rs 61,92,158 crore a year ago.

Deposits increased slightly faster at 11 per cent to Rs 90,73,325 crore. Advances grew by 9.45 per cent at Rs 68,30,245 crore in the previous fortnight, from Rs 62,40,256 crore in the corresponding period last year.

“We are not seeing any fresh investments. Demand from corporates is not there. We can see some pick-up in the fourth quarter,” Dena Bank Executive Director R K Takkar said. In the reporting period, deposits rose 11.2 per cent to Rs 90,73,325 crore, against Rs 81,61,169 crore in the corresponding period last year.

Demand deposits stood at Rs 8,02,320 crore, up 9.3 per cent from Rs 7,34,127 crore. Time deposits grew 11.36 per cent to Rs 82,71,007 crore from Rs 74,27,042 crore in the same period last year, the data showed.