Mumbai: Banks’ credit grew by 12.64% year-on-year to Rs8,551,099 crore in the fortnight ended 11 May 2018, according to Reserve Bank of India (RBI) data.
In the similar fortnight ended 12 May 2017, banks’ advances stood at Rs7,590,941 crore. In the previous fortnight ended 27 April 2018, bank credit had increased by 12.61% to Rs8,538,570 crore, from Rs7,582,391 crore in the period ended 28 April 2017.
Banks’ deposits grew by 7.61% to Rs11,392,165 crore in the fortnight ended 11 May 2018, compared with Rs10,586,083 crore in the fortnight ended 12 May 2017, the data by RBI showed. In the fortnight ended at 27 April 2018, deposits had grown by 8.20% to Rs11,430,786 crore.
In March this year, the non-food bank credit rose by 8.4%, the same rate as in March 2017. Loans to agriculture and allied activities increased by 3.8% in March 2018, against an increase of 12.4% in March 2017.
Advances to industry grew by 0.7% in March 2018, compared with a contraction of 1.9% in March 2017.