Bank deposits outpace loan growth for fifth straight fortnight
Mumbai: Bank deposits increased at a healthy 16 percent year-on-year to Rs 75,52,581 crore as of January 24, surpassing credit growth for the fifth consecutive fortnight, as per RBI data.
Deposits of commercial banks stood at Rs 65,28,802 crore during the same period last year, according to the Reserve Bank of India's fortnightly data.
Commercial banks' credit grew 15 percent to Rs 57,92,827 crore as of January 24 from Rs 50,50,915 crore in the same period last year.
The RBI's estimate of the banking system's credit growth for the current financial year is 15 percent, while for deposits, it is 14 percent.
During the fortnight ended January 24, time deposits grew 15.85 percent to Rs 68,56,781 crore as against Rs 59,18,438 crore in the same period last year.
Demand deposits rose 14 percent to Rs 6,95,800 crore from Rs 6,10,364 crore in the year ago period.
On a fortnightly basis, deposits and credit grew at 0.05 percent each.