Bank Deposits Up 14 Per Cent on Year, Credit Expansion at 13 Per Cent: RBI
Bank deposits grew 14.09 per cent year-on-year to Rs 79,28,851 crore as of May 30, faster than the 13.01 per cent growth in credit in the same period, data from the Reserve Bank of India (RBI) showed.
Deposits of commercial banks stood at Rs 69,49,527 crore during the same period last year, according to the RBI's fortnightly data released on Wednesday.
Bank credit grew 13.01 per cent year-on-year to Rs 60,67,365 crore in the reporting fortnight as compared to Rs 53,68,778 crore a year ago.
Time deposit during the period grew 13.9 per cent to Rs 71,71,238 crore from Rs 62,94,466 crore a year ago.
Demand deposit rose 15.65 per cent to Rs 7,57,624 crore from Rs 6,55,061 crore in the year ago period.
On a fortnightly basis, deposits were tad up by 0.93 per cent at Rs 79,28,851 crore as against Rs 78,55,622 crore in the week ended May 30.
Credit growth also rose 0.4 per cent to Rs 60,67,365 crore from Rs 60,43,244 crore.
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