Bank credit grows at 12.64%, deposits at 7.61%

Banks' credit grew by 12.64% year-on-year to Rs 85,51,099 crore in the fortnight ended May 11, 2018, according to an RBI data.

In the similar fortnight ended May 12, 2017, banks' advances stood at Rs 75,90,941 crore.

In the previous fortnight ended April 27, 2018, bank credit had increased by 12.61% to Rs 85,38,570 crore, from Rs 75,82,391 crore in the period ended April 28, 2017.

Banks' deposits grew by 7.61% to Rs 1,13,92,165 crore in the fortnight ended May 11, 2018, compared with Rs 1,05,86,083 crore in the fortnight ended May 12, 2017, the data by Reserve Bank of India (RBI) showed.

In the fortnight ended at April 27, 2018, deposits had grown by 8.20% to Rs 1,14,30,786 crore.

In March this year, the non-food bank credit rose by 8.4%, the same rate as in March 2017.

Loans to agriculture and allied activities increased by 3.8% in March 2018, against an increase of 12.4% in March 2017.

Advances to industry grew by 0.7% in March 2018, compared with a contraction of 1.9% in March 2017.