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Financial institution credit score grows by 5.93%, deposits by 11.06% – Instances of India

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MUMBAI: Bank credit grew 5.93 per cent to Rs 107.05 lakh crore, whereas deposits rose 11.06 per cent to Rs 147.98 lakh crore within the fortnight ended January 29, RBI data confirmed.
Within the fortnight ended January 31, 2020, financial institution credit score stood at Rs 101.05 lakh crore and deposits at Rs 133.24 lakh crore.
Within the earlier fortnight ended January 15, 2021, progress in financial institution credit score was 6.36 per cent, whereas deposits rose 11.41 per cent.
In the course of the first 9 months of the present fiscal, financial institution credit score rose by 3.2 per cent and deposits by 8.5 per cent.
In December 2020, non-food credit score progress of banks stood at 5.9 per cent as in comparison with 7 per cent in the identical month of the earlier 12 months, in line with RBI information on Sectoral Deployment of Financial institution Credit score for December 2020, launched final month.
In the course of the reporting month, progress in credit score to agriculture and allied actions accelerated to 9.4 per cent from 5.3 per cent in December 2019.
Loans to business contracted by 1.2 per cent as in comparison with 1.6 per cent progress earlier, primarily as a consequence of contraction in credit score to massive industries by 2.4 per cent as towards 1.8 per cent progress a 12 months in the past, the info confirmed.
Private loans registered a decelerated progress of 9.5 per cent within the reporting month as in contrast with 15.9 per cent progress in December 2019.

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