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PS banks driving bank growth: RBI

india Updated: Sep 23, 2010 21:46 IST
HT Correspondent
HT Correspondent
Hindustan Times
Highlight Story

The Indian banking sector has emerged from the financial slowdown virtually unscathed, according to data released by the Reserve Bank of India here on Thursday.

The sector has registered a healthy growth of 17 per cent in deposits and 16.6 per cent in advances in 2009-10 compared to the previous financial year, the data showed.

The deposits of banks stood at R47,52,456 crore while advances were R34,97,054 crore in 2009-10.

Public sector banks emerged as the growth driver by registering a growth of 18.6 per cent in deposits that grew to around R36,91,802 crore and 19.6 per cent growth in advances which grew to R27,01,300 crore in 2009-10. Private sector banks’ deposits grew by 11.7 per cent to R8,22,801 crore and advances by 9.9 per cent to R6,32,494 crore.

Foreign banks in the country, which burnt their fingers in the global meltdown, became over cautious and saw a decline of 1.3 per cent in advances, to R1,63,260 crore. However their deposits grew by around 11 per cent to R2,37,853 in 2009-10.

Bank employees saw their salary rise. Wages as a per cent to total expense went up to 14.8 per cent in 2009-10 from 13.6 per cent in 2008-09.

The net NPA (non performing assets) ratio rose marginally to 1.12 in 2009-10 than 1.05 in 2008-09.