Bank credit grows 9.6%

Credit in the banking system continues to grow in single digits. According to Reserve Bank of India (RBI) data, credit in the system grew 9.6 per cent as of September 18, 2015, to Rs 67,06,053 crore from Rs 61,18,066 crore a year ago.

In the same period, deposits increased slightly faster at 12 per cent to Rs 89,59,357 crore.

Even though the festival season has started, banks have not seen a significant improvement in credit offtake. For over a year, credit in the system has been growing in single digits. RBI has been hopeful that credit offtake will begin to improve by September-October but the banking system is yet to see this.