You are here: Home » Finance » News » Banks
Business Standard

Bank credit grows at 8.9%

This rate of growth is the lowest that has been registered in this financial year

BS Reporter  |  Mumbai 

Image via Shutterstock
Image via Shutterstock

Credit in the banking system continues to grow in single digits despite the festival season. As per the Reserve Bank of India data, credit in the system grew by only 8.9 per cent at the end of 30 October, 2015 to Rs 68,03,955 crore from Rs 62,44,192 crore a year ago. This rate of growth is the lowest that has been registered in this financial year. So far credit offtake has been in the range of 9-10 per cent.

In the same period deposits increased slightly faster at 11 per cent to Rs 91,40,029 crore.

Bankers believe that last year the base during this fortnight was high because of Diwali falling in the second fortnight of October and that has resulted in a sluggish growth rate. However, apart from this the overall credit off take continues to be muted.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, November 10 2015. 21:04 IST