Bank credit up 5.5% to Rs 102.65 trillion, deposits rise 11.1%: RBI data

On an year-on-year (YoY) basis, non-food bank credit growth was at 6.7 per cent in June 2020

Bank credit and deposits grew 5.51 per cent and 11.11 per cent to Rs 102.65 trillion and Rs 141.61 trillion, respectively, in the fortnight ended July 31, according to the latest data from the RBI.

In the fortnight ended August 2, 2019, bank credit and deposits were at Rs 97.29 trillion and Rs 127.44 trillion, respectively.

On a year-on-year (y-o-y) basis, non-food bank credit growth was at 6.7 per cent in June 2020, nearly the same as in May 2020 but lower than the growth of 11.1 per cent in June 2019.

Credit growth to agriculture and allied activities rose 2.4 per cent in June, compared with a higher growth of 8.7 per cent in the corresponding month of 2019.

Loan growth to industry grew 2.2 per cent in June 2020, compared with 6.4 per cent growth in June 2019. Credit to large industries increased 3.7 per cent, against 7.6 per cent a year ago.

Credit to the services sector continued to grow at a robust, albeit decelerated rate at 10.7 per cent in June 2020 as against 13 per cent in June 2019.

Personal loans continued to perform well registering a growth of 10.5 per cent in June, nearly the same as in May but lower than 16.6 per cent growth in June 2019.