Bank deposits outpace loan growth for fifth straight fortnight: RBI

Bank deposits increased at a healthy 16 per cent year-on-year to Rs 75,52,581 crore as of January 24, surpassing credit growth for the fifth consecutive fortnight, data from the Reserve Bank of India (RBI) showed.

Deposits of commercial banks stood at Rs 65,28,802 crore during the corresponding period last year, according to the apex bank's fortnightly data.

Commercial banks' credit was up 15 per cent at Rs 57,92,827 crore as of January 24, from Rs 50,50,915 crore in the same period last year.

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

During the fortnight ended January 24, time deposits grew 15.85 per cent to Rs 68,56,781 crore as against Rs 59,18,438 crore in the same period last year.

Demand deposits rose 14 per cent to Rs 6,95,800 crore from Rs 6,10,364 crore in the year ago period.

On a fortnightly basis, deposits and credit grew at 0.05 per cent each.