Bank credit growth slows to 9.8%
Growth rate of credit by scheduled commercial banks slowed to 9.8 per cent at Rs 66,33,417 crore for the fortnight ended May 29, as per Reserve Bank data.
Banks' advances had stood at Rs 60,41,520 crore in the same fortnight last year.
In the previous fortnight ended May 15, credit growth was 10.16 per cent.
Deposits of the banks increased by 11.48 per cent to Rs 87,89,273 crore in the reporting period as compared to Rs 78,83,586 crore in the year-ago period, the data showed.
The fortnight ended May 15 saw banks deposits growing at 11.85 per cent.
In the 2014-15 fiscal, banks credit grew at 12.6 per cent while deposit had grown by 12.8 per cent. Demand deposits of the banks rose by 9.14 per cent to Rs 8,18,648 crore as against Rs 7,50,050 crore last year same period.
Time deposits increased by 11.73 per cent to Rs 79,70,625 crore as compared to Rs 71,33,536 crore in the year ago period.