RBI data shows rise in bank credit by 5.5 per cent, deposits by 11.1 per cent

Reserve Bank of India (RBI) in its latest data, showed that the bank credit and deposits grew by 5.51 per cent and 11.11 per cent to Rs 10,26,5000 and Rs 14,16,1000, respectively, in the fortnight ended July 31.

In the fortnight ended August 2, 2019, the bank credit and deposits were at Rs 9,72,9000 and Rs 12,74,4000, respectively.

It further showed that, on a YoY basis, non-food bank credit growth stood at 6.7 per cent in June 2020, approximately the same as in May 2020 but lower than June 2019, where it stood at 11.1 per cent.

Credit growth to agriculture and allied activities grew by 2.4 per cent in June, compared to higher growth of 8.7 per cent in the corresponding month of 2019.

Loan growth to industry increased by 2.2 per cent in June 2020, compared to 6.4 per cent growth in June 2019. Credit to large industries grew by 3.7 per cent, as against 7.6 per cent, a year ago. Credit to the services sector continued to grow at a healthy pace, although slowed the rate at 10.7 per cent in June 2020 as against 13 per cent in June 2019. Personal loans continued to perform healthy, registering a growth of 10.5 per cent in June, nearly the same as in May but lower than 16.6 per cent growth in June 2019.