Bank credit grows 9.54% to Rs 67,83,127 crore

Mumbai: Schedule commercial banks' credit increased by 9.54 percent to Rs 67,83,127 crore in the fortnight ended October 16, according to RBI data.

The loans stood at Rs 61,92,158 crore in the same period last year.

Advances grew by 9.45 percent at Rs 68,30,245 crore in the previous fortnight from Rs 62,40,256 crore in the same period last year.

"We are not seeing any fresh investments. Demand from corporates is not there. We can see some pick up in the fourth quarter," Dena Bank Executive Director R K Takkar said.

In the reporting period, deposits rose by 11.17 percent to Rs 90,73,325 crore as against Rs 81,61,169 crore same period last year.

Deposits increased by 11.25 percent to Rs 91,63,815 crore as against Rs 82,36,670 crore in the year-ago period. Demand deposits stood at 8,02,320 crore, up 9.28 percent from Rs 7,34,127 crore.

Time deposits grew 11.36 percent to Rs 82,71,007 crore from Rs 74,27,042 crore in the same period last year, the data showed.