rbi: Bank credit grows nearly 17 pc for fortnight ended Nov 18: RBI

Indian banking system’s excellent credit score grew by 16.96 per cent for the fortnight ended November 18, the Reserve Financial institution mentioned on Friday. The financial institution credit score grew to Rs 133.29 lakh crore for the fortnight ended November 18 this yr as in opposition to Rs 113.96 lakh crore on November 19, 2021, the Reserve Financial institution of India (RBI) mentioned.

The deposit progress got here at 9.30 per cent, with the general base Rs 177.15 lakh crore as on November 18 as in opposition to Rs 162.06 lakh crore within the year-ago interval, it mentioned.

Curiously, amid a battle for deposits within the system as banks jostle to lift the liabilities to fund the elevated credit score progress, the general deposits within the system declined marginally in the course of the fortnight as in opposition to the Rs 177.88 lakh crore as on November 4.

It may be famous that the present fiscal has seen a gentle rise in credit score progress in FY23 pushed by quite a lot of causes, together with financial progress, debtors’ shift to the financial institution as in opposition to different credit score substitutes amid rising rates of interest, and so on.
In FY 2021-22, financial institution credit score rose by 8.59 per cent and deposits by 8.94 per cent.