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Bank credit up by 7.21%, deposits up by 9.51%: RBI

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On February 3, 2020, According to the latest Reserve Bank of India (RBI) data, Bank credit and deposits grew by 7.21 % and 9.51 % to Rs 100.05 lakh crore and Rs 131.26 lakh crore, respectively, in the fortnight ended January 17,2020.RBIKey Points:

i.The banks advance was 93.32 lakh crore rupees in the same period a year ago, while deposits stood at 119.85 lakh crore rupees.

ii.There was an increase in the last fortnight too. Earlier, in the fortnight ended January 2, 2020, banks credit increased by 7.57 % to Rs 100.44 lakh crore, while deposits increased by 9.77 % to Rs 132.10 lakh crore. Non-food credit grew by 7 percent year-on-year in December 2019, compared to 12.8 percent in December 2018.

iii.Sector wise:
As per the RBI’s “Sectoral Deployment of Bank Credit – December 2019” report, service sector advances decreased to 6.2 % in December 2019, compared to 23.2 % in the same period a year ago.

Non-food bank credit growth decelerated to 7 % in December 2019 as against 12.8 % in December 2018.

Banks credit  for agriculture and allied activities decreased to 5.3 % in December 2019, compared to 8.4 % growth in the same month a year ago.

Personal loans growth decreased to 15.9 % in the month under review, compared to a 17 % in December 2018.

Credit to the industry declined to 1.6 % in December 2019 as compared to 4.4 % in the same month a year ago.

About Reserve Bank of India (RBI):
Headquarters
– Mumbai, Maharashtra
Formation– 1 April 1935
Governor– Shaktikanta Das
Deputy Governors– 4 (BP Kanungo, N S Vishwanathan, Mahesh Kumar Jain, Michael Debabrata Patra)