Credit growth of scheduled commercial banks has risen at 10.32 percent on year-on-year basis. According to the latest fortnight data released by the Reserve Bank of India (RBI), banks' credit stood at Rs 86,50,714 crore as on March 30, 2018 as compared to Rs 78,41,466 crore as on March 31, 2017.
However, the data report showed that the growth in advances was slower than the growth reported in the previous fortnight ended March 16, 2018. In the previous fortnight, banks loan had witnessed a rise of 11.13 percent to Rs 83,77,444 crore from Rs 75,38,202 crore in the period ended March 17, 2017.
As per data, in line with credit growth, the deposits also jumped by 6.66 percent to Rs 1,14,74,989 crore as on March 30, 2018 from Rs 1,07,57,656 crore in the year-ago period. Earlier, in February 2018, non-food bank credit increased by 9.8 percent year-on-year basis as against an increase of 3.3 percent in February 2017, while credit to agriculture and allied activities increased by 9 percent in February 2018, same as in February 2017.