Credit loans rose by 27% in Q3: RBI

Credit loans rose by 27% in Q3: RBI

The credit offtake at 26.6 per cent during the third quarter of 2010-11 was far higher that 11.2 per cent growth reported in the comparable quarter of the previous fiscal, the Reserve Bank said in its report on ‘Quarterly Statistics on Deposits and Credit of scheduled Commercial Banks — December 2010’.

Meanwhile, the aggregate deposits in banks grew by 18.1 per cent in the October-December period of 2010-11, as interest rates fetched negative returns due to high inflation.

The aggregate deposits growth in the year-ago period was 26.6 per cent.

Total deposits at the end of December stood at Rs 49,54,727 crore, while credit offtake was Rs 37,78,512 crore.

Nationalised Banks, as a group accounted for 52.2 per cent of the aggregate deposit. State Bank of India and its associate accounted for 22.1 per cent of aggregate deposit. The share of New Private Sector Banks, Foreign Banks, Old Private Sector Banks and Regional Banks in aggregate deposits was 13.3 per cent, 4.8 per cent and 3 per cent respectively, the RBI said.

Meanwhile, in the case of gross bank credit,Nationalised banks held 51.6 per cent of the total bank credit followed by State Bank of India and its associates at 22.7 per cent and new private banks at 13.7 per cent.

Foreign banks at 5.1 per cent and old private sector bank at 4.5 per cent and regional rural banks 2.5 per cent had relatively lower shares in the total bank credit, RBI added.
Press Trust of India