Indian banks’ credit growth rate, for the first time this fiscal, slowed to single digit at 8.8 per cent to ₹97.71 lakh crore during the fortnight to September 27, according to the Reserve Bank of India supplementary data. During the same period, deposits climbed 9.4 per cent.
Outstanding loans rose ₹596.53 trillion ($8.40 billion) from a fortnight earlier to ₹97.71 trillion as on September 27.
Non-food credit gained ₹64.30 billion to ₹97.11 trillion, while food credit fell ₹46.51 billion to ₹600.85 billion while bank deposits grew ₹1.83 trillion to ₹129.07 rupees in the two weeks ended September 27.
Throughout this fiscal so far, credit growth has been in the low-double-digit. This reflected severe economic crisis arising from both structural and cyclical issues and a massive fall in consumption demand.