Bank credit grows 14.31%

The credit growth of the banking system grew 14.31 per cent year-on-year in the fortnight ended March 21, show Reserve Bank of India (RBI) data released on Thursday. In the same period deposits grew 14.6 per cent y-o-y. Credit growth was slow due to sluggish economy and high lending rates. During the fortnight credit grew by 1.28 per cent over the previous fortnight. This fortnight was the last fortnight of the fiscal. During the same period deposits grew by 0.61 per cent.