Bank credit grows 11.4% to over Rs 70.80 lakh cr

Bankers still uncertain if it signals turnaround in economy

Credit in banking system has seen an improvement and has continued to remain in the double in the last few fortnights in a row.

Reserve Bank of India data show credit in the system grew by 11.4% to Rs 70,80,827 crore at the end of 22nd January as compared to Rs 63,63,923 crore a year ago.

Though bankers are still not certain if it signals a turnaround in the economy as credit demand from corporate continues to remain subdued.

Till now, retail has been the main driver for credit growth. In the same period, deposits also inched up by 11%.