Covid-19 crisis: Bank credit shrinks by over Rs 54,000 cr in August

According to Reserve Bank of India data, the year-on-year growth in credit was 5.5% for the fortnight ended August 28, 2020

Bank credit in India shrunk 0.5 per cent, or Rs 54,000 crore, in August to Rs 102.11 trillion (as of August 28, 2020), as the Covid-19 pandemic continues to hit demand for loans. The outstanding credit in the banking system was Rs 102.65 trillion as of July 31, 2020.
 

According to the Reserve Bank of India (RBI) data, the year-on-year (YoY) growth in credit was 5.5 per cent for the fortnight ended August 28, 2020, maintaining the pace seen in the previous fortnight. Credit growth was in double digits (10.2 per cent) in the corresponding period last year.
 

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