Bank credit grows at 12.84%, deposits at 7.59%

Bank credit grew by 12.84 per cent to Rs 86,16,408 crore in the fortnight ended June 22, according to RBI data.

In the year-ago fortnight, bank loans stood at Rs 76,35,689 crore.

The growth in advances was slightly higher than the growth registered in the previous fortnight ended Jun 8. It had risen by 12.67 per cent to Rs 85,98,703 crore.

During the fortnight ended June 22, bank deposits had risen by 7.59 per cent to Rs 113,53,525 crore, compared with Rs 105,51,910 crore in the period ended June 23, 2017, the RBI data showed.

The growth in deposits was slower than the period ended June 8, when it had increased by 8.35 per cent to Rs 114,04,303 crore.

In May, non-food bank credit increased by 11.1 per cent year-on-year, compared with an increase of 4.1 per cent in May last year.

Loans to industry rose by 1.4 per cent in May 2018, against a contraction of 2.1 per cent in May 2017.

Advances to agriculture and allied activities increased by 6.4 per cent in May 2018, compared with an increase of 7.4 per cent in May 2017.