Bank credit growth accelerates to 14.2% in June quarter
The Hindu
RBI says credit growth has been broad-based, outpacing deposit growth
Bank credit growth accelerated to 14.2% in the quarter ended June 2022 from 6% in the same period of the previous year, RBI data showed on Thursday.
In the quarter ended March 2022, bank credit had expanded by 10.8%.
The Reserve Bank of India (RBI) on Thursday released the 'Quarterly Statistics on Deposits and Credit of SCBs for June 2022'. This data is collected from all scheduled commercial banks (SCBs), which include regional rural banks (RRBs), small finance banks (SFBs) and payments banks (PBs).
"Credit growth has been broad-based: all the population groups (i.e., rural, semi-urban, urban and metropolitan), all the bank groups (i.e., public/private sector banks, foreign banks, RRBs and SFBs) and all the regions of the country (i.e., central, eastern, north-eastern, northern, southern and western) recorded double-digit annual credit growth in June 2022," as per the Reserve Bank.
Aggregate deposit growth (year-on-year) has remained in the range 9.5 - 10.2% during the last five quarters.
Metropolitan branches continue to account for over half of the bank deposits and their share increased marginally over the last one year.
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