Mumbai: Credit of Indian commercial banks advanced 10.38 percent to Rs 64,41,519 crore in the fortnight to February 6, as per Reserve Bank data. The advances were at Rs 58,35,548 crore in the same period last year.
As per the data, bank deposits rose 11.77 percent to Rs 84,62,923 crore in the period under review as against Rs 75,71,343 crore a year-ago. Demand deposits grew 11.61 percent to Rs 7,58,111 crore from Rs 6,79,205 crore in the same period last year. In the reporting period, time deposits were up 11.79 percent to Rs 77,04,813 crore as against Rs 68,92,138 crore last year, the data showed.
Most of the banks are seeing muted loan growth this fiscal as the economy is yet to pick up. The country’s top lender State Bank of India last week said it expected credit growth to be at 10 percent in FY15, while the second largest lender Bank of Baroda is looking at a loan expansion of 11-12 percent in the current fiscal.
