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Bank deposits rise 14.8%, credit growth at 13.8%

Bank deposits grew 14.8% year-on-year to Rs 78,88,416 crore as of May 2, faster than credit growth, according to the RBI data.

Deposits of commercial banks stood at Rs 68,68,811 crore during the same period last year, according to the RBI’s fortnightly data.

Bank credit grew at 13.8% year-on-year to Rs 60,67,459 crore in the reporting fortnight, as against Rs 53,29,812 crore last year.

During the period, the time deposit grew 14.71% at Rs 71,40,184 crore as against Rs 62,24,047 crore in the previous year.

Demand deposit rose 16.04% to Rs 7,48,231 crore from Rs 6,44,764 crore in the year ago period.

On a fortnightly basis, deposits rose marginally by 0.23% to Rs 78,88,416 crore as against Rs 78,69,967 crore in the week ended April 18.

Credit growth was up at Rs 60,67,459 crore from Rs 60,36,083 crore.

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