Banks credit grows at 7.13% in 2nd half of January 2020

Banks credit and deposits grew at 7.13 percent and 9.91 percent to Rs 101.02 lakh crore and Rs 133.24 lakh crore, respectively, in the fortnight ended January 31, according to the Reserve Bank data.

In the year-ago fortnight ended February 1, 2019, banks advances stood at Rs 94.29 lakh crore while deposits at Rs 121.22 lakh crore.

In the previous fortnight which ended on January 17, 2020, credit had increased by 7.21 per cent to Rs 100.05 lakh crore and deposits by 9.51 percent to Rs 131.26 lakh crore.

Non-food bank credit growth decelerated to 7 percent in December 2019 from 12.8 percent in December 2018.

Loans to the services sector decelerated sharply to 6.2 percent in December 2019 from 23.2 percent last year same period.

Advances to agriculture and allied activities decelerated to 5.3 percent from 8.4 percent in December 2018.

Personal loans growth decelerated marginally to 15.9 percent from 17 percent in December 2018. During the month, credit growth to industry decelerated to 1.6 percent from 4.4 percent.