Bank credit up 9.3%, deposits up 11.66%

According to Reserve Bank of India data, credit in the banking system grew 9.3 per cent to Rs 66,70,544 crore at the end of July 10 from Rs 60,97,432 crore a year ago. Deposits inched up by 11.66 per cent to Rs 88,82,271 crore from Rs 79,54,455 crore a year ago. Bankers say credit growth is usually tepid in the first quarter but it has failed to show any improvement in the first 10 days of the second quarter as well. Last financial year, credit growth was the lowest in 17 years at 9.52 per cent whereas deposits inched up by 11.42 per cent.