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Bank credit rises at slower rate of 8.79%: Reserve Bank

14 Oct 2019 Evaluate

Bank credit at scheduled commercial banks rose at slower rate of 8.79 per cent on year-on-year basis. According to the fortnightly data released by the Reserve Bank of India (RBI), credit stood at Rs 97.71 lakh crore in the fortnight to September 27, 2019 as compared with Rs 89.82 lakh crore reported in the year-ago fortnight. Further, aggregate deposits at the scheduled commercial banks stood at Rs 129.06 lakh crore as on September 27, 2019.

As per the Reserve Bank’s data report, non-food credit, accounting for 99.39% of the share of the total credit, recorded a growth of 8.70%, YoY, at Rs 97.11 lakh crore as on September 27, 2019 as against a rise of 10.27% fortnight ago and 12.56% rise a year ago.

Earlier, bank credit at scheduled commercial banks had gone up by 10.26 per cent on year-on-year basis to Rs 97.01 lakh crore in the previous fortnight ending September 13, 2019 as compared with Rs 87.98 lakh crore reported in the fortnight ended September 14, 2018.