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Bank credit grows 5.52% in fortnight ended Aug 14: RBI data

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MUMBAI: Bank credit became 5.52 per cent for you to Rs 102.19 lakh crore and deposits enhanced 11.04 per cent for you to Rs 140.80 lakh crore in the fortnight ended August 14, based on RBI data.

In often the year-ago period, bank credit stood at Rs 96.84 lakh crore plus deposit at Rs 126.8 lakh crore, correspondingly.

In the previous fortnight ended July 31, 2020, standard bank credit grew 5.51 per cent while deposits experienced a growth of 11.11 per cent.

On a year-on-year (y-o-y) basis, non-food standard bank credit growth was at some.7 per cent in August, nearly the same as in Might. However, it was lower than the expansion of 11.1 % in June 2019.

Growth in credit to farming and allied activities increased 2.4 per cent in June as compared to 8.6 per cent rise in a similar month of 2019.

As per the data, expansion in loans to market grew 2.2 % in June this year when compared with 6.4 per cent expansion in June 2019. Credit score to large industries enhanced 3.7 per cent while against 7.6 %.

Credit to the services market continued to grow at a sturdy, albeit decelerated, rate from 10.7 per cent in June 2020 vis-a-vis 13 per cent in June 2019.

Personal loans continued to carry out well registering a growth associated with 10.5 per cent in June, nearly the same as in May but lower than 16.6 per cent growth in June 2019.

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