Credit Growth will pick up: Arun Jaitley
ET Bureau|
Jan 06, 2018, 11.30 PM IST
NEW DELHI: Finance Minister Arun Jaitley on Saturday said that credit growth will pick up further once the bank recap is done.
"The last few data that has come out has shown credit growth has moved up and once this infusion of capital takes place in the banking system, credit growth will move up," he said.
The finance minister however cautioned that the capital infusion by the government needs to be used judiciously. "The taxpayers of India are all making a sacrifice to keep you in good health, so this money which is being infused is money that could have been used for other social purposes," he said, while speaking at a function of state-owned UCO Bank.
Financial services secretary Rajiv Kumar in a tweet said, "Banking sector posts double digit (10.7% Y-o-Y) growth in Dec'17, up from (7.2% Y-o-Y) in Oct'17, powered by services and retail." Credit growth has plunged to a six-decade low of 5.08% in 2016-17 against 10.7% in the previous fiscal.
"The last few data that has come out has shown credit growth has moved up and once this infusion of capital takes place in the banking system, credit growth will move up," he said.
The finance minister however cautioned that the capital infusion by the government needs to be used judiciously. "The taxpayers of India are all making a sacrifice to keep you in good health, so this money which is being infused is money that could have been used for other social purposes," he said, while speaking at a function of state-owned UCO Bank.
Financial services secretary Rajiv Kumar in a tweet said, "Banking sector posts double digit (10.7% Y-o-Y) growth in Dec'17, up from (7.2% Y-o-Y) in Oct'17, powered by services and retail." Credit growth has plunged to a six-decade low of 5.08% in 2016-17 against 10.7% in the previous fiscal.
