Bank credit up 6%, deposits rise 11% in June 9 fortnight: RBI

Banks' credit growth grew at 6.02 per cent to Rs 76,58,212 crore in the fortnight ending on June 9 from Rs 72,22,939 crore in the same period of the previous fiscal, according to the data released by RBI.

The growth in advances during the reporting period was slightly higher than the previous fortnight ending on May 26, 2017, RBI data showed.

In the fortnight ending on May 26, advances grew by 5.08 per cent with outstanding loans at Rs 75,93,546 crore.

In the financial year ending on March 31, 2017, credit growth had plunged to a multi-year low of 5.08 per cent with an outstanding loan at Rs 78.81 lakh crore as against Rs 75.01 lakh crore on April 1, 2016.

In the reporting fortnight, bank deposits grew by 11.19 per cent to Rs 105,77,947 crore from Rs 95,13,148 crore in the fortnight ended June 10, 2016.

Deposits in the fortnight ending on May 26 grew by 10.9 per cent to Rs 105,51,182 crore from Rs 95,14,087 crore in the period ended May 27, 2016, the data showed.