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Non-food credit of banks rises to 11.04 per cent

Outstanding non-food credit stood at Rs 73.10 lakh crore as on September 16, compared with Rs 65.83 lakh crore in the same fortnight last year — an increase of Rs 7.27 lakh crore.

By: ENS Economic Bureau | Mumbai |
September 27, 2016 1:33:00 am

The growth rate of non-food credit of banks increased to 11.04 per cent (y-o-y) during the fortnight ended September 16, compared with 9.91 per cent in the previous fortnight, data released by the Reserve Bank of India on Monday showed.

Outstanding non-food credit stood at Rs 73.10 lakh crore as on September 16, compared with Rs 65.83 lakh crore in the same fortnight last year — an increase of Rs 7.27 lakh crore.

On the other hand, the rate of growth in deposits improved slightly to 9.87 per cent (y-o-y), compared to 9.80 per cent (y-o-y) in the previous fortnight. As on September 16, total deposits in the system stood at Rs 97.87 lakh crore. With hardly any growth in project loan sanctions, the 11.04 per cent credit growth is most likely a function of demand from the retail segment, something which several large banks have lately spoken about as their focus area. FE

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