Bank credit growth hits three-year high of 13.1%, shows RBI data

Bank credit grew 13.1 per cent year-on-year (YoY) in the fortnight ended June 3, the highest in the past three years, the latest data released by the Reserve Bank of India (RBI) shows. Growth in bank credit in the previous year was 5.7 per cent.

At an event on Friday, Reserve Bank of India (RBI) Governor Shaktikanta Das said: “We are seeing reasonably satisfactory credit offtake happening. It is about 12 per cent YoY, according to the latest data. Last year, around this time, credit growth was 5-6 per cent.”

In the fortnight concerned, banks extended incremental credit of Rs 1.02 trillion, taking the outstanding loans to Rs 121.40 trillion. Credit growth was even higher in April 2019, when it grew 14.19