RBI data shows bank credit growth at 9.4%

Credit in the banking system continues to grow at a muted pace. As per the Reserve Bank of India data, credit in the system grew by 9.4% by October 02, 2015 to Rs 68,30,245 crore from Rs 62,40,256 crore a year ago.

In the same period deposits increased slightly faster at 11% to Rs 91,63,815 crore.

Even though the festival season has started banks have not seen a significant improvement in credit offtake. For over a year, credit in the system has been growing below ten%. RBI has been hopeful that credit off take will begin to improve by the September-October however the banking system is yet to see a pick up.