Non-Food Credit Up By Rs 3536 Cr

Non-food credit offtake is showing signs of imminent revival. During the fortnight ended November 16, the growth in non-food credit was Rs 3,536 crore compared with only Rs 14 crore during the fortnight ended November 2.

During April 1 to November 16, 2001, it increased by Rs 25,953 crore compared with Rs 34,996 crore during the corresponding period of the previous fiscal. The outstanding non-food credit given by the scheduled commercial banks (SCBs) stands at Rs 4,97,395 crore.

However, food credit, during the reporting fortnight, has declined by Rs 839 crore to Rs 51,237 crore. As on November 16, during this fiscal, it rose by Rs 11,245 crore compared with Rs 9,743 crore during the corresponding preriod of the previous fiscal.

 

During the fortnight, aggregate deposits of the SCBs rose by Rs 3,837 crore. The outstanding aggregate deposits of the SCBs stands at Rs 10,56,897 crore. As on November 16, 2001, during this fiscal, the deposits rose by Rs 94,279 crore compared with Rs 1,01,274 crore during the corresponding preriod of the previous fiscal.

While time deposits increased by Rs 4,441 crore to Rs 9,14,706 crore, demand deposits declined by Rs 604 crore to Rs 1,42,191 crore. As on November 16, 2001, during this fiscal, time deposits rose by Rs 94,640 crore compared with Rs 1,01,044 crore increase during the corresponding preriod of the previous fiscal.

Investments by the SCBs during the reporting fortnight vaulted by Rs 2,658 crore. The outstanding investments of the banking system stands at Rs 4,18,977 crore. As on November 16, 2001, during this fiscal, they were higher at Rs 48,818 crore compared with Rs 38,237 crore during the corresponding preriod of the previous fiscal.

Meanwhile, the foreign exchange reserves rose by $ 162 million to $ 46.631 billion during the week ended November 23. The increase in the reserves was solely due to rise in foreign exchange assets by $ 162 million to $ 43.689 billion. Gold reserves and special drawing rights remained unchanged at $ 2.937 billion and $ 5 million respectively.