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MUMBAI: Bank credit for the fortnight ended August 6, 2004 surged by Rs 8,949 crore to touch Rs 8,92,228 crore. Though food credit declined by Rs 119 crore to end at Rs 42,442 crore, non-food credit rose by Rs 9,068 crore as it moved to Rs 849,786 crore.

Total accommodation provided by scheduled commercial banks to the commercial sector in the form of bank credit and investments in shares/ debentures/bonds/commercial papers increased by Rs 42,242 crore to Rs 936,355 crore. Loans and advances provided by RBI to the Central Government were at Rs 7,579 crore, while those provided to the State Government declined by Rs 41 crore to touch Rs 2,228 crore. India's M3 money supply growth rate was at the rate of 15.7 per cent during the year till August 6.

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