MUMBAI: Bank credit and deposits grew 12.02 per cent and 10.32 per cent to Rs 96.975 trillion and Rs 126.746 trillion, respectively in the fortnight to July 5, according to the latest RBI data.
In the year-ago fortnight, bank credit was at Rs 86.566 trillion, while deposits were at Rs 114.883 trillion. In the previous fortnight to June 21, bank loans had risen 12 per cent to Rs 96.485 trillion and deposits 10.02 per cent to Rs 124.905 trillion.
On a year-on-year basis as of May, non-food credit increased 11.4 per cent from 11.1 per cent. Personal loan growth slowed to 16.9 per cent in May from 18.6 per cent in the year-ago period. Credit growth to the services sector also lost steam and grew at a much slower pace of 14.8 per cent in May down from a high 21.9 per cent in the same month last year.
Loans to agriculture & allied activities increased by 7.8 per cent compared to an increase of 6.4 per cent. Credit to the industry rose at a much faster clip of 6.4 per cent in May as against an increase of a paltry 1.4 per cent in May 2018.