Social News XYZ     

Banks’ credit growth rate slows to 8.8%, shows RBI data

Banks' credit growth rate slows to 8.8%, shows RBI data

Mumbai, Oct 12 (SocialNews.XYZ) Indian banks' credit growth rate, for the first time this fiscal, slowed to single digit at 8.8 per cent to Rs 97.71 lakh crore during the fortnight to September 27, according to the Reserve Bank of India supplementary data. During the same period, deposits climbed 9.4 per cent.

Outstanding loans rose Rs 596.53 trillion ($8.40 billion) from a fortnight earlier to Rs 97.71 trillion as on September 27.

Non-food credit gained Rs 64.30 billion to Rs 97.11 trillion, while food credit fell Rs 46.51 billion to Rs 600.85 billion while bank deposits grew Rs 1.83 trillion to Rs 129.07 rupees in the two weeks ended September 27.

 

Throughout this fiscal so far, credit growth has been in the low-double-digit. This reflected severe economic crisis arising from both structural and cyclical issues and a massive fall in consumption demand.

Source: IANS

Facebook Comments
Banks' credit growth rate slows to 8.8%, shows RBI data

About Gopi Adusumilli

Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc. He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources. When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any. He can be reached at gopi@socialnews.xyz

Advertisements

you're currently offline

%d bloggers like this: