Banks' credit grows at 11.48% to over Rs 83 lakh cr

Banks' credit growth continued to grow by in double digit at 11.48 per cent to Rs 83,48,773 crore in the fortnight ended March 2, according to the RBI data.

In the period ended March 3, 2017, the advances had stood at Rs 74,88,993 crore.

The growth in advances in the reporting fortnight was higher than the previous fortnight.

In the period ended February 16, 2018, banks' credit had grown by 10.65 per cent to Rs 82,53,516 crore from Rs 74,58,850 crore in the period ended February 17, 2017.

In January 2018, the non-food credit of banks rose by 9.5 per cent as against a growth of 3.5 per cent in January 2017.

Loans to agriculture and allied activities rose by 9.4 per cent in January 2018 as against an increase of 8.1 per cent in the same period last year.

In the fortnight ended March 2, 2018, the deposits also grew by 6.60 per cent to Rs 111,87,300 crore from Rs 104,94,242 crore in the same fortnight last year.