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Bank credit growth surge by 17.2%

Mumbai: Data released by the Reserve Bank of India (RBI) revealed that the bank credit growth increased in the country. The bank credit growth surge by 17.2% in September quarter of this year. It was at 7% in the year-ago period. The bank credit growth was at 14.2% at the end of June quarter of this financial year.

According to the quarterly statistics on deposits and credit of scheduled commercial banks (SCBs), aggregate deposit growth was at 9.8% in September 2022. The same has been in the range of 9.5-10.2 per cent since June 2021. The report also said that the bank branches in metropolitan centres have been recording higher annual growth than those in rural, semi-urban, and urban areas since December 2020.

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‘Growth in term deposits rose to 10.2 per cent in September 2022 from 6.4 per cent a year ago, whereas current and savings deposits growth moderated to 8.8 per cent and 9.4 per cent from 17.5 per cent and 14.5 per cent, respectively, a year ago,’ the RBI said.

The share of savings deposits in total deposits, moderated to 34.7% in the July-September period. It was at 35.2% in June 2022.


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