Credit growth of banks at 19.73 % for year ended July 30

Credit growth of banks at 19.73 % for year ended July 30

As of July 30, credit offtake from banks stood at Rs 34.55 lakh crore. As of June 31 last year, bank credit stood at Rs 28.86 lakh crore, the RBI said.

The RBI, in its annual monetary policy, estimated that credit would grow by 20 per cent this fiscal.

"The growth in non-food credit of banks is placed at 20 per cent. As always, these numbers are provided as indicative projections and not as targets," RBI had said.

For the one-year period ended July 16 this year, credit growth stood at 21.26 per cent, beating the RBI estimate of 20 per cent.

This happened primarily due to a sharp rise in credit growth due to large borrowings for 3G spectrum.

The government realised over Rs 1 lakh crore from sale of spectrum for high speed mobile and broadband services, far higher than the estimated revenue of Rs 35,000 crore in the Budget.

According to analysts, the demand for credit is good and the country can expect robust growth in the current fiscal.

"I don't see demand for credit going down. Apart from industrial production growth, which has slowed down slightly due to the base effect, all other indicators are encouraging. I expect credit growth of 20-22 per cent in the current fiscal," ratings agency Crisil Chief Economist D K Joshi said. BES decrypts messages and sends it to the email server of the service provider where it remains stored in decrypted form. Then it is pushed to the BlackBerry device in encrypted form.

After some persuasion, the representatives agreed that "they can provide the metadata of the message like Internet Protocol address of BES and PIN and International Mobile Equipment Identity of the BlackBerry mobile," sources said.

Metadata is loosely defined as data about data. It provides information about a certain item's content like how large the picture is, the colour depth, the image resolution, when the image was created, and other data. A text document's metadata may contain information about how long the document is, who the author is, when the document was written, and a short summary of the document.

However, sources said RIM, which has nearly one million subscribers in India, failed to enthuse the security agencies who want an uninterrupted access to the messaging services on BlackBerry platform.

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