Bank deposits grow 16 per cent, credit rises 14.52 per cent

Bank deposits grew 16 per cent year-on-year to Rs 75,01,861 crore in the fortnight ended December 27, while credit grew at 14.52 per cent at Rs 57,55,916 crore, data from the Reserve Bank of India (RBI) showed on Wednesday.

According to the RBI data, during the fortnight, commercial banks' credit grew 14.52 per cent to Rs 57,55,916 crore as against Rs 50,25,872 crore in the fortnight ended December 28, 2012. While the comparative deposits stood at Rs 64,74,822 crore in the year-ago period.

In the previous fortnight, deposits had grown 17 per cent at Rs 75,24,217 crore as against Rs 64,30,998, last year, while credit grew at 15 per cent year-on-year to Rs 57,01,328 crore as against Rs 49,61,525 crore.

The apex bank's estimate of the banking system's credit growth for the current fiscal year (FY14) is 15 per cent, while for deposits it is 14 per cent.