Bank credit grows 7.21%, deposits 9.51%, RBI data shows

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In the past two weeks, which ended on January 2, loans increased 7.57 percent to 100.44 billion rupees and deposits rose 9.77 percent to 132.10 billion rupees.

PTI

updated:February 3, 2020, 9:51 p.m. IST

Bank credit grows 7.21%, deposits 9.51%, RBI data shows
Representative picture.

Mumbai: Bank lending and deposits rose 7.21 percent and 9.51 percent to 100.05 billion rupees and 131.26 billion rupees, respectively, according to the latest data from the Reserve Bank, in the two weeks to January 17.

In the two weeks leading up to the beginning of the year, the advance on the banks was 93.32 billion rupees, while deposits were 119.85 billion rupees.

In the past two weeks, which ended on January 2, loans increased 7.57 percent to 100.44 billion rupees and deposits rose 9.77 percent to 132.10 billion rupees.

Credit growth in non-food banks declined from 12.8 percent in December 2018 to 7 percent in December 2019.

Loans to the service sector fell sharply in December 2019 from 23.2 percent in the previous year to 6.2 percent.

Progress in agriculture and related areas decreased from 8.4 percent in December 2018 to 5.3 percent.

The growth in personal loans decreased slightly from 17 percent in December 2018 to 15.9 percent. Over the course of the month, industrial credit growth slowed from 4.4 percent to 1.6 percent.

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