Bank credit grows 15.5% YoY in Feb 24 fortnight to Rs 134.5 trillion

While credit growth has moderated from 16.5% in mid-January, it is significantly higher than the year-ago period, when it was hovering at around 9 per cent

Credit growth in the banking system has moderated further, growing at 15.5 per cent year-on-year (YoY) in the fortnight ended February 24, to Rs 134.50 trillion, latest data released by Reserve Bank of India (RBI) showed.

While credit growth has moderated from about 16.5 per cent in mid-January (2023), it is significantly higher than that of the year-ago period, which was hovering at nine per cent.  

Credit growth has so far been driven by continued and sustained retail demand, strong growth in NBFCs and inflation-induced working capital. Meanwhile, deposit growth in the banking system also moderated marginally, at 10.1 per