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Bank credit grows 14.31%; deposits by 14.64% uptill March 21

04 Apr 2014 Evaluate

According to RBI’s fortnightly data, bank deposits grew by 14.64 per cent year-on-year to Rs 7,739,387 crore as on March 21, higher than credit which grew by 14.31 per cent year-on-year at Rs 6,013,085 crore in the same period against Rs 5,260,459 crore in the same period last year.

Deposits at commercial banks stood at Rs 6,750,454 crore during the same period last year. This growth is more or less in line with the RBI's estimate of the credit and deposits growth of 15% and 14% respectively for the current fiscal, 2013-14.

Meanwhile, out of the total deposits, the Time deposits grew by 15.28 percent at Rs 7,018,585 crore as against Rs 6,088,155 crore in the same period last year, while Demand deposits rose 8.83 percent to Rs 7,20,800 crore from Rs 6,62,299 crore in the year ago period.