Bank credit grows by 14.88%, deposits by 9.13%

Bank credit rose by 14.88 per cent to Rs 91.11 lakh crore in the fortnight ended November 9, while deposits grew by 9.13 per cent to Rs 118.25 lakh crore, according to the RBI data.

In the year-ago fortnight, bank advances stood at Rs 79.31 lakh crore, while deposits at Rs 108.35 lakh crore.

In the previous fortnight ended October 26, 2018, credit had grown by 14.57 per cent to Rs 90.37 lakh crore, while deposits rose by 9.01 per cent to Rs 117.71 lakh crore.

In September this year, non-food credit rose by 11.3 per cent, as against an increase of 6.1 per cent in same month last year.

Bank loans to the services sector expanded by 24 per cent, compared with 7 per cent in September 2017.

Personal loans rose by 15.1 per cent in the month, against 16.8 per cent last year.

Advances to agriculture and allied activities grew by 5.8 per cent, same rate as in September 2017.

Credit to industry rose by 2.3 per cent in September 2018, against a contraction of 0.4 per cent in September 2017.