Bank credit clips at 14.46%; deposits grow in double-digits

Mumbai: Bank credit grew 14.46 percent to Rs 95.53 lakh crore, while deposits growth touched double- digits at 10.03 percent to Rs 122.26 lakh crore in the fortnight to March 15, show the RBI data.

In the year-ago fortnight, advances were at Rs 83.46 lakh crore and deposits at Rs 111.11 lakh crore.

In the previous fortnight ending March 1, deposits grew 9.81 percent to Rs 122.30 lakh crore and credit rose 14.55 percent to Rs 95.29 lakh crore.

Non-food credit rose 13.1 percent in January 2019 compared to a 9.5 percent growth in the same month last year.

Credit to agriculture and allied sectors grew 7.6 percent in January as against a growth of 9.4 percent in the year-ago month.

Loans to the services sector expanded at a healthy 23.9 percent, much higher than 13.2 percent resitered in January 2018, while personal loans lost the momentum with a 16.9 percent growth in January as against a healthy 20 percent spike in demand in the same month last year.

Industrial credit jumped six-fold to 5.2 percent in January from 1.1 percent in the year-ago period.

Credit growth to infrastructure, chemicals and chemical products, engineering, food processing and petroleum, coal and nuclear fuels accelerated but, credit to basic metals & metal products, textiles, beverages & tobacco and gems & jewellery contracted, as per the RBI data.