Bank credit growth hits near nine-year high of 15.5%, shows RBI data

Achieving 20% growth going forward remains a challenge; deposits for week ended August 26 up 9.5%

Credit growth of commercial banks is at a near nine-year high of 15.5 per cent year-on-year for the week ended August 26, latest data released by the Reserve Bank of India showed. The credit growth is the highest since November 1, 2013, when it was 16.1 per cent.

In the current financial year so far, banks have extended Rs 5.66 trillion by way of loans, representing a growth of 4.8 per cent as compared to -0.5 per cent during the same period last year.

“Credit growth in the system is quite robust currently and at a multi-year high but touching