The Reserve Bank of India (RBI) in its latest data has showed that bank credit rose by 8.07 percent to Rs 98.47 trillion, while deposits grew 9.92 percent to Rs 129.98 trillion in the fortnight ended November 6. In the year ago fortnight, deposits were at Rs 118.257 trillion and advances stood at Rs 91.11 trillion.
In the previous fortnight ended October 25, 2019, credit had increased by 8.90 percent to Rs 98.39 trillion and deposits grew by 10.25 percent to Rs 129.78 trillion. On a year-on-year (y-o-y) basis, non-food bank credit growth decelerated to 8.1 percent in September 2019 from 11.3 percent in September 2018. Loans to agriculture & allied activities rose by 7 percent in September 2019 as compared with an increase of 5.8 percent last year same period.
Advances to the services sector decelerated sharply to 7.3 percent in September 2019 from 24 percent in the same month last year. Credit growth to industry accelerated to 2.7 percent in September 2019 from 2.3 percent in September 2018. Personal loans growth accelerated to 16.6 percent in September 2019 from 15.1 percent in the year ago period.