Aatmja Kumari(Intern Journalist): Credit growth of banks has been 5.06% in the fortnight ended 23 October. The total credit during this period has been Rs 103.39 lakh crore. At the same time, bank deposit growth has been 10.12% and it has been Rs 142.92 lakh crore. This information is given in the Reserve Bank of India (RBI) data. The RBI releases this information every fortnight.
According to RBI data, non-food bank credit growth fell to 5.8% in September 2020. It was 8.1% in the same period a year ago in September 2019. In September 2020, industry credit growth is ending. It was 2.7% in the year-ago period. Credit for agriculture and allied activities stood at 5.9% in September 2020. The credit growth of the sector was 7% in the same period a year ago.
The credit growth of banks stood at 5.66% in the fortnight ended 9 October. During this period, the credit of banks had increased to Rs 103.44 lakh crore. Whereas in the same period, the deposits of banks had increased by 10.55% to Rs 143.02 lakh crore.
Since August, banks’ borrowing demand has increased slightly. Banks hope that there will be good growth in borrowing demand in the next few fortnights as the purchase of customers increases during the festive season. According to RBI data, the growth of bank lending for the non-food segment fell 6% in August on an annual basis. Whereas it was 9.8% a year ago.
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