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Growth rate of credit by scheduled commercial banks slowed to 9.8 per cent at Rs 66,33,417 crore for the fortnight ended May 29, according to Reserve Bank of India (RBI) data.
Banks’ advances had stood at Rs 60,41,520 crore in the same fortnight last year. In the fortnight ended May 15, credit growth was 10.16 per cent.
Deposits of the banks increased 11.48 per cent to Rs 87,89,273 crore in the reporting period as compared to Rs 78,83,586 crore in the year-ago period, the data showed.
In the FY15, banks credit grew at 12.6 per cent, while deposits had grown by 12.8 per cent.
Demand deposits rose 9.14 per cent to Rs 8,18,648 crore as against Rs 7,50,050 crore a year earlier. Time deposits increased 11.73 per cent to Rs 79,70,625 crore.
