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Bank credit grows by 15.07%, deposits by 9.66%

In the year-ago fortnight, advances were at 79.98 trillion and deposits at Rs 108.37 trillion.

Bank credit grows by 15.07%, deposits by 9.66%

Mumbai: Bank credit rose at a healthy 15.07 percent to Rs 92.03 trillion in the fortnight to December 7, while deposits grew 9.66 percent to Rs 118.84 trillion, according to the latest RBI data.

In the year-ago fortnight, advances were at 79.98 trillion and deposits at Rs 108.37 trillion.

In the previous fortnight ended November 23, credit has risen by 15.09 percent to Rs 91.32 trillion, while deposits surged 9.43 percent to Rs 118.13 trillion.

In October this year, non-food credit rose 13.4 percent compared to an increase of 6.6 percent in the same month last year. Credit to the services sector expanded 27.4 percent in the month compared to 9.4 percent a year ago.

Loans to agriculture and allied activities increased 8 percent in October compared to an increase of 5.5 percent in October last year.

Credit to the industry rose by 3.7 percent in October 2018 as against a contraction of 0.2 percent in October 2017.

Personal loans rose 16.8 percent in October as against 16 percent in October 2017, RBI data showed.