Bank credit grows by 5.49%, deposits by 10.92%: RBI data

In the fortnight ended August 30, 2019, banks' advances were at ₹96.80 trillion and deposits stood at ₹127.80 trillion.

In the previous fortnight ended August 14, 2020, bank credit and deposits had grown by 5.52% and 11.04 % to ₹102.19 trillion and ₹140.80 trillion, respectively.

On a year-on-year (y-o-y) basis, non-food bank credit grew at 6.7% in July as against a growth of 11.4% in the same month last year, according to the data on sectoral deployment of bank credit for July 2020, released recently by RBI.

Growth in loans to industry slowed to 0.8% in July as compared to 6.1% earlier, the data showed.  

Advances to agriculture and allied activities registered a growth of 5.4% in the reporting month as against 6.8% growth in the same period last year.

Credit to the services sector grew 10.1% in July 2020 as against 15.2% earlier.

Personal loans continued to perform well, registering a growth of 11.2% as compared to 17% increase in July 2019.

Within this sector, vehicle loans registered accelerated growth of 8.1% as compared to 4.9% in July 2019, according to the data.