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Bank credit grows 6.18%, deposits 11%: RBI data

Bank credit and deposits grew 6.18% and 11% to ₹102.45 lakh crore and ₹138.67 lakh crore, respectively, in the fortnight ended June 19, according to the RBI.

In the fortnight ended June 21, 2019, bank credit had stood at ₹96.48 lakh crore and deposits at ₹124.92 lakh crore.

In the previous fortnight that ended on June 5 this year, advances had grown 6.24% and deposits by 11.28%.

Rating agency Crisil said in a recent report that bank credit growth is likely to nosedive to a multi-decadal low of 0-1% in 2020-21 as economic activity has been sharply impacted by the COVID-19 pandemic.

Bank loan growth to industry decelerated to 1.7% in May from 6.4% in the corresponding month last year.

Loan growth to the services sector slowed down to 11.2% in May, compared with 14.8% a year ago.

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