Bank credit growth accelerated to 16.28% for the fortnight ended Sept. 23, the Reserve Bank of India said on Friday.
The overall non-food credit stood at Rs 130.06 lakh crore as on Sept. 23 as against Rs 111.85 lakh crore in the year-ago period on Sept. 24, 2021.
It was at Rs 129.25 lakh crore in the fortnight ago on Sept. 9, as per the provisional figures reported by lenders and released by RBI.
The deposit growth was at 8.96% for the fortnight ended Sept. 23.
The overall deposits stood at Rs 174.54 lakh crore on that date as against Rs 160.19 lakh crore in the year-ago period.
It can be noted that the current fiscal has seen a steady rise in credit growth due to economic growth, borrowers' shift to banks as against other credit substitutes amid rising interest rates and other factors.
In FY22, bank credit rose by 8.59% and deposit by 8.94%.
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