Banks' credit up 7.13% in second half of Jan, service sector loans dip

Banks credit and deposits grew at 7.13 per cent and 9.91 per cent to Rs 101.02 trillion and Rs 133.24 trillion, respectively, in the fortnight ended January 31, according to the Reserve Bank data.     

In the year-ago fortnight ended February 1, 2019, banks advances stood at Rs 94.29 trillion while deposits at Rs 121.22 trillion.

In the previous fortnight which ended on January 17, 2020, credit had increased by 7.21 per cent to Rs 100.05 trillion and deposits by 9.51 per cent to Rs 131.26 trillion.    

Non-food bank credit growth decelerated to 7 per cent in December 2019 from 12.8 per cent in December 2018.     

Loans to the services sector decelerated sharply to 6.2 per cent in December 2019 from 23.2 per cent last year same period.   

Advances to agriculture and allied activities decelerated to 5.3 per cent from 8.4 per cent in December 2018.   

Personal loans growth decelerated marginally to 15.9 per cent from 17 per cent in December 2018. During the month, credit growth to industry decelerated to 1.6 per cent from 4.4 per cent. 

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