TIL Desk/Business/New Delhi/ Signaling credit offtake, Reserve Bank of India data have shown banks have ended the 2018-2019 with record double-digit disbursals for the second year consecutively after the under-5 per cent in FY17, which was the lowest in five decades.
According to the RBI data released on Thursday, bank credit rose 13.24 per cent to Rs 97.67 lakh crore for the fortnight to March 29, while deposits grew by 10.03 per cent to Rs 125.72 lakh crore during the same period. This is the second consecutive double-digits credit growth after the same had declined to 4.54 per cent in FY17 at Rs 78.41 lakh crore, which was the lowest since 1963.
In the year-ago fortnight, deposits were at Rs 114.26 lakh crore and advances at Rs 86.25 lakh crore. In FY17, aggregate deposits in the banking system grew a mere 6.7 per cent in 2017-18, while credit grew still lower at 4.54 per cent, the lowest since fiscal 1963. Bank deposit growth had declined to a five-decade low in year to March 2017 as under the fading impact of demonetisation.
