BANK CREDIT GROWTH SLOWED TO 16.8% IN THIRD QUARTER

  • Bank credit growth slowed down to 16.8% in the October-December 2022 period from a year earlier, RBI data showed.
  • This compares with 17.2% seen in the previous quarter, according to the quarterly statistics on bank deposits and credit, released by the Reserve Bank of India.
  • A year earlier, credit growth was 8.4%.
  • “Growth in credit was led by bank branches in metropolitan centres, which account for nearly 60% of the total credit by SCBs [scheduled commercial banks] and recorded 17.2% rise (y-o-y) in lending; urban, semi-urban and rural centres also recorded double digit credit growth,” the RBI said.
  • Public sector banks increased their credit portfolio by 15.7% during calendar 2022 (4.7% in 2021); corresponding growth for private banks, however, remained higher at 19.1% (13.1%).
  • Aggregate deposits rose 10.3% (y-o-y) in the December quarter, led by a 13.2% rise in term deposits; current and savings deposits recorded moderate growth of 4.6% and 7.3%, respectively.
  • Deposit mobilisation by public sector banks improved to 8.8% growth in the quarter (6.9% a year earlier). Private banks saw 13.2% expansion.

SOURCE: THE HINDU, THE ECONOMIC TIMES, PIB

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