MUMBAI, Oct 11:For the first time this fiscal,
bank credit growth slowed to single digit, printing in at a
low 8.79 percent at Rs 97.71 lakh crore in the fortnight to
September 27, according the latest data from the Reserve Bank.
In the year-ago fortnight, the advances had stood at
Rs 89.82 lakh crore.
In the previous fortnight ending September 13, bank
credit had grown 10.26 percent to Rs 97.01 lakh crore.
Deposits growth too slowed to 9.38 percent to Rs
129.06 lakh crore from Rs 118 lakh crore a year ago, the RBI
said, adding deposits had grown 10.02 percent in the fortnight
to September 13.
On annualized basis, non-food credit growth
decelerated to 9.8 percent in August 2019 from 12.4 percent in
August 2018.
Loans to agriculture & allied activities increased 6.8
percent in August compared to an increase of 6.6 percent last
year same month.
Credit growth to the services sector decelerated to
13.3 percent in August from 26.7 per cent.
Personal loans growth moderated to 15.6 percent in
August 2019 from 18.2 per cent in August 2018.
However, advances to the industry accelerated during
the reporting period more than doubling by 3.9 percent in
August from 1.9 percent in August 2018. (PTI)
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