Bank credit grows by 5.93%, deposits by 11.06%

Mumbai: Bank credit grew 5.93% to Rs 107.05 lakh crore while deposits rose 11.06% to Rs 147.98 lakh crore in the fortnight ended January 29, RBI data showed.

In the fortnight ended January 31, 2020, bank credit stood at Rs 101.05 lakh crore and deposits at Rs 133.24 lakh crore.

In the previous fortnight ended January 15, 2021, growth in bank credit was 6.36% while deposits rose 11.41%.

During the first nine months of the current fiscal, bank credit rose by 3.2% and deposits by 8.5%.

In December 2020, non-food credit growth of banks stood at 5.9% as compared to 7% in the same month of the previous year, according to RBI data on Sectoral Deployment of Bank Credit for December 2020, released last month.

During the reporting month, growth in credit to agriculture and allied activities accelerated to 9.4% from 5.3% in December 2019.

Loans to industry contracted by 1.2% as compared to 1.6% growth earlier, mainly due to contraction in credit to large industries by 2.4% as against 1.8% growth a year ago, the data showed.

Personal loans registered a decelerated growth of 9.5% in the reporting month as compared with 15.9% growth in December 2019.