Bank credit grows to 6.58 pc, deposits at 11.75 pc

In the fortnight ended February 14, 2020, bank credit stood at Rs 100.43 lakh crore and deposits at Rs 132.26 lakh crore.

In the previous fortnight ended January 29, 2021, growth in bank credit was 5.93 per cent, while deposits rose by 11.06 per cent.

The non-food bank credit grew at 5.7 per cent in January 2021 as against an increase of 8.5 per cent in the same month last year, according to RBI data released last week.

During the month, credit growth to agriculture and allied activities accelerated to 9.9 per cent from 6.5 per cent in the year-ago period.

Loans to industry contracted by 1.3 per cent in the reporting month as compared to 2.5 per cent growth in the same period last year, mainly due to contraction in credit to large industries, the data showed.

Credit growth to the services sector decelerated year-on-year moderately to 8.4 per cent in January 2021 from 8.9 per cent.

However, credit to transport operators and trade continued to perform well during the month, registering accelerated growth.

Personal loans growth decelerated by 9.1 per cent in January 2021 compared to 16.9 per cent a year ago, the data showed.