Credit growth remains in double-digits for second fortnight

Outstanding loans grew to Rs 70,16,997 crore from Rs 63,18,524 crore a year ago

Bank credit growth was in double-digits for the second consecutive fortnight, with the latest RBI data showing an 11.05% expansion for the fortnight to December 25.

Outstanding loans of banks grew to Rs 70,16,997 crore in the reporting period from Rs 63,18,524 crore a year ago.

In the previous fortnight ended December 11, credit growth grew at 11.01% with outstanding loans at Rs 69,66,106 crore.

However, on a fortnightly basis deposit growth slowed to 10.88 % from 11.46%.

The outstanding deposits stood at Rs 91,84,652 crore compared to Rs 82,83,343 crore in the same period last year, while demand deposits grew at 12.58 % to Rs 8,57,645 crore from Rs 7,61,791 crore last year.

Time deposits increased by 10.70 % to Rs 83,27,015 crore as against Rs 75,21,552 crore last year same fortnight.

For November, non-food credit of banks slowed to 8.8% as against an increase of 10.5% in the same period last year. The credit growth in the month was slightly higher than 8.3% registered in October.