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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.

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