Continuing rising trend, bank credit has gone up by 14.35 per cent in the fortnight ended October 12, 2018. According to the data released by the Reserve Bank of India (RBI), bank credit stood at Rs 89.93 lakh crore during the reported period as against Rs 78.64 lakh crore reported in the year-ago period.
The report also showed an increase of 8.86 percent in the deposits of the bank in the fortnight ended October 12, 2018. During the reported period, deposits stood at Rs 117.85 lakh crore as against Rs 108.25 lakh crore in the year-ago period.
In the previous fortnight ended September 28, Bank credit grew by 12.51 percent to Rs 89.82 lakh crore, while the deposits rose by 8.07 percent to Rs 117.99 lakh crore. Meanwhile, in August 2018, non-food credit rose by 12.4 percent, compared with an increase of 5.5 percent in the same month last year.
Besides, advances to industry rose by 1.9 percent in August 2018, against a contraction of 0.3 percent in August 2017. Bank loans to agriculture and allied activities were up by 6.6 percent, compared with an increase of 6.5 percent last year, while credit to the services sector expanded by 26.7 percent, against 5 percent. Personal loans rose by 18.2 percent in August 2018, up from an increase of 15.7 percent in August 2017.