Bank credit grows by 5.93%, deposits by 11.06% – Times of India

MUMBAI: Bank credit grew 5.93 per cent to Rs 107.05 lakh crore, whereas deposits rose 11.06 per cent to Rs 147.98 lakh crore within the fortnight ended January 29, RBI data confirmed.
In the fortnight ended January 31, 2020, financial institution credit stood at Rs 101.05 lakh crore and deposits at Rs 133.24 lakh crore.
In the earlier fortnight ended January 15, 2021, development in financial institution credit was 6.36 per cent, whereas deposits rose 11.41 per cent.
During the primary 9 months of the present fiscal, financial institution credit rose by 3.2 per cent and deposits by 8.5 per cent.
In December 2020, non-meals credit development of banks stood at 5.9 per cent as in comparison with 7 per cent in the identical month of the earlier 12 months, in accordance with RBI information on Sectoral Deployment of Bank Credit for December 2020, launched final month.
During the reporting month, development in credit to agriculture and allied actions accelerated to 9.4 per cent from 5.3 per cent in December 2019.
Loans to trade contracted by 1.2 per cent as in comparison with 1.6 per cent development earlier, primarily as a consequence of contraction in credit to massive industries by 2.4 per cent as in opposition to 1.8 per cent development a 12 months in the past, the info confirmed.
Personal loans registered a decelerated development of 9.5 per cent within the reporting month as in contrast with 15.9 per cent development in December 2019.

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