NEW DELHI: Bank credits in the March 2022 quarter grew in double-digits, first time since the quarter ending June 2019. According to RBI data released on Wednesday, bank credit grew at 10.8% year-on-year in January-March 2022 compared to 8.4% in the preceding quarter.
This is the biggest quarterly jump since April-June 2019 when the bank credit grew at 11.7%. The RBI in a statement said bank credit growth (y-o-y) rose steadily over the successive quarters of FY22 and moved to double-digits in March 2022.
Metropolitan centres, which constitute a dominant share in total bank credit of scheduled commercial banks, recorded 9.7% credit growth (y-o-y) in March 2022 (1.7% a year ago). Credit growth in urban, semi-urban and rural centres remained in double digits in all quarters of 2021-22. Private sector banks maintained double-digit growth in credit (y-o-y), which accelerated in successive quarters to reach 15.1% in March 2022.