The Reserve Bank of India (RBI) in its latest data has showed that bank credit rose by 5.26 percent to Rs 102.24 lakh crore, while deposits grew by 11.98 percent to Rs 142.48 lakh crore in the fortnight ended September 11. In the fortnight ended September 13, 2019, advances were at Rs 97.13 lakh crore and deposits stood at Rs 127.22 lakh crore.
In the previous fortnight ended September 11, 2020, bank credit had grown by 5.49 percent to Rs 102.11 lakh crore while deposits at 10.92 percent to Rs 141.76 lakh crore. On a year-on-year (y-o-y) basis, non-food bank credit grew at 6.7 percent in July as against a growth of 11.4 percent in the same month of the last year. Growth in loans to industry slowed to 0.8 percent in July as compared with 6.1 percent growth in July 2019. Advances to agriculture and allied activities registered a growth of 5.4 percent in the reporting month as compared with a growth of 6.8 percent last year in the same period.
Credit to the services sector continued to grow at a robust, albeit decelerated, rate of 10.1 percent in July 2020 as against 15.2 percent growth. Personal loans continued to perform well registering a growth of 11.2 percent as compared with 17 percent growth in July 2019. Within this sector, vehicle loans registered accelerated growth of 8.1 percent in July 2020 as compared with the growth of 4.9 percent in the corresponding month of the previous year.