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Bank Credit Growth Slows to 9.8%: RBI

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Mumbai: Growth rate of credit by scheduled commercial banks slowed to 9.8 per cent at Rs 66,33,417 crore for the fortnight ended May 29, data from the Reserve Bank of India showed.

Banks' advances had stood at Rs 60,41,520 crore in the same fortnight last year.

In the previous fortnight ended May 15, credit growth was 10.16 per cent.

Deposits of the banks increased by 11.48 per cent to Rs 87,89,273 crore in the reporting period as compared to Rs 78,83,586 crore in the year-ago period, the data showed. The fortnight ended May 15 saw bank deposits growing at 11.85 per cent.

In fiscal year 2014-15, banks' credit grew at 12.6 per cent while deposits grew at 12.8 per cent.

Demand deposits of the banks rose 9.14 per cent to Rs 8,18,648 crore as against Rs 7,50,050 crore in the year-ago period.

Time deposits increased 11.73 per cent to Rs 79,70,625 crore as compared to Rs 71,33,536 crore a year ago.


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