Bank credit grows by 6.58% to Rs 107.04 lakh crore, says RBI

RBI

According to the Reserve Bank of India (RBI) data, bank credit grew by 6.58% to Rs 107.04 lakh crore, while deposits rose by 11.75 per cent to Rs 147.81 lakh crore in the fortnight ended February 12. In the fortnight ended February 14, 2020, bank credit stood at Rs 100.43 lakh crore and deposits at Rs 132.26 lakh crore. 

In the previous fortnight ended January 29, 2021, growth in bank credit was 5.93%, while deposits rose by 11.06 per cent, said the PTI reports.  

The non-food bank credit grew at 5.7% in January 2021, as against an increase of 8.5% in the same month last year, according to RBI data released last week. 

During the month, credit growth to agriculture and allied activities accelerated to 9.9% from 6.5% in the year-ago period. Also Read: Make India one of the fastest growing economies; bring in fresh investments: FM to India Inc

Loans to industry contracted by 1.3% in the reporting month as compared to 2.5% growth in the same period last year, mainly due to contraction in credit to large industries, the data showed. 

Credit growth to the services sector decelerated year-on-year moderately to 8.4% in January 2021 from 8.9%. Also Read: India now “net creditor” with forex reserves of $590-bn, says MoS Anurag Singh Thakur  

However, credit to transport operators and trade continued to perform well during the month, registering accelerated growth. 

Personal loans growth decelerated by 9.1% in January 2021, compared to 16.9% a year ago, the data showed. Also Read: India emerging as preferred investment destination: Foreign investors pump in Rs 19,473 cr into Indian equities, pull out Rs 4,824 cr

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