Bank credit growth rises to 17.94% YoY in early Oct, shows RBI data

Deposit growth not that impressive, increases by 9.62% to Rs 172.72 trn

Bank credit rose by 17.94 per cent year-on-year (YoY) to Rs 128.6 trillion as of October 7 to reflect festive and quarter-end demand, according to data from the Reserve Bank of India (RBI).

Deposits at banks increased 9.62 per cent YoY to Rs 172.72 trillion as of October 7. Sequentially, commercial banks raised Rs 2.41 trillion in deposits during the fortnight ended October 7.

As for credit growth fortnightly, the outstanding loan book of scheduled commercial banks grew by 1.82 per cent (Rs 2.31 trillion) from Rs 126.29 trillion on September 23, 2022. The YoY growth in credit was 16.4