Bank credit demand inches up 5.5% in first fortnight of FY18

After plunging to an over six-decade low of 5.08 per cent in FY17, bank credit inched up to 5.52 per cent in the fortnight to April 14, according to the RBI data. For the fortnight to April 14, bank credit stood at Rs 76.31 lakh crore, up 5.52 per cent from Rs 72.31 lakh crore in the week to April 15, 2016, thus, beginning the new financial year on a promising note. For the year to March, banks’ outstanding credit stood at Rs 78.81 lakh crore, against Rs 75.01 lakh crore as on April 1, 2016. The low credit growth in FY17 was due to high bad debt and almost nil corporate demand.