Bank credit growth soars to 16.28% for fortnight ended Sept 23

Mumbai: Bank credit growth accelerated to 16.28 per cent for the fortnight ended September 23, the Reserve Bank of India said on Friday.

The overall non-food credit stood at Rs 130.06 lakh crore as on September 23 as against Rs 111.85 lakh crore in the year-ago period on September 24, 2021.

It was at Rs 129.25 lakh crore in the fortnight ago on September 9, as per the provisional figures reported by lenders and released by Reserve Bank of India .

The deposit growth was at 8.96 per cent for the fortnight ended September 23.

The overall deposits stood at Rs 174.54 lakh crore on that date as against Rs 160.19 lakh crore in the year-ago

period.

It can be noted that the current fiscal has seen a steady rise in credit growth due to economic growth, borrowers' shift to banks as against other credit substitutes amid rising interest rates and other factors.

In FY 2021-22, bank credit rose by 8.59 per cent and deposit by 8.94 per cent.