Bank credit grows by 6.7%; deposits by 9.32%: RBI data

Mumbai: Bank credit rose by 6.7 per cent to Rs 109.12 lakh crore and deposits by 9.32 per cent to Rs 155.75 lakh crore in the fortnight ended September 10, RBI data showed.

In the year-ago fortnight ended September 11, 2020, bank advances had stood at Rs 102.27 lakh crore and deposits at Rs 142.47 lakh crore, according to RBI's Scheduled Banks' Statement of Position in India as of September 10, 2021, released on

Thursday.

In the fortnight ended August 27, 2021, bank credit had increased by 6.67 per cent and deposits by 9.45 per cent.

In FY2020-21, bank credit had grown by 5.56 per cent and deposits by 11.4 per cent.

Moreover, The Reserve Bank on Thursday said it will conduct an open market purchase of government securities amounting to Rs 15,000 crore under the G-sec Acquisition Programme (G-SAP 2.0) on September 30.

It further said that on a review of current liquidity conditions, the Reserve Bank of India has decided to conduct a simultaneous sale of government securities under Open Market Operations (OMO) for an aggregate amount of 15,000 crore on the same day.

Under the G-SAP 2.0 programme, it will purchase three government securities with maturity dates falling in 2029, 2031 and 2035.

It will sell three securities having different maturity dates in 2022 under the OMO.

The central bank also said it reserves the right to decide on the quantum of purchase/sale of individual securities.

The result of the auctions will be announced on the same day.