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Bank credit’s momentum lost: Bank credit grows up by 13.24 % till INR 89.67

Bank credit

Bank credit gets increased by 13.24 % to INR 97.67 trillion. The deposits were seen to grow by 10.03 % to INR 125.72 trillion. According to the data released by Reserve Bank Of India on Thursday, it happened in the midnight till 29th of March.

In the past year’s fortnight, the deposits have been at INR 114.26 trillion. The advances were at INR 86.25 trillion.  During the past fortnight till 15th March, there was a growth in credit demand by almost 14.46 % to INR 95.53 trillion. On the other hand, there occurred an increase in the deposits by 10.03 % to INR 122.26 trillion.

Bank credit

On the basis of the yearly scheme, non-food bank credit saw an increase by 13.2 % in the month of February in the year 2019 in comparison to the increase of 9.8 % in the last years’ time.  Loans that were offered to the service sectors was doubled along with a 23.7 % growth in the month of February. This was also in comparison to 14/2 % during the similar month in the last year.

Any advance that was made towards agriculture as well allied activities rose by 7.5 % in the month of February when compared to the increase of 9% in the month of February in the year 2018. The credit to the industry grew by 5.6 % in the month of February. It was up from the increase of 1 % in last year’s February.

The credit growth to the entire infrastructure, chemical products as well as engineering has been accelerated. Further, credit growth to the basic metal as well as metal products, textiles along with food processing are not decelerated or contracted. The personal loans saw a sudden rise to 16.7 % in the month of February. It was down from 20.4 % in the month of February.