Financial Daily from THE HINDU group of publications
Sunday, Oct 10, 2004
Financial Daily from THE HINDU group of publications Sunday, Oct 10, 2004 |
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Money & Banking
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Credit Market Bank credit up Rs 21,418 crore Our Bureau
Mumbai , Oct. 9 GROSS bank credit in the banking system surged by Rs 21,418 crore during the month of September. As on September 24, 2004, the total outstanding gross bank credit in the system was at Rs 9,29,727 crore, as per the Reserve Bank of India statistics. The increase in bank credit was largely led by an increase of Rs 23,141 crore in non-food credit, which aggregated Rs 8,91,585 crore, during this period. On the other hand, food credit showed a decline of Rs 1,723 crore as it touched Rs 38,142 crore. Banks across the country have been witnessing offtake of credit in the form of working capital loans in the current quarter. Companies have been approaching banks to fund capacity expansions after a long spell of raising cheaper borrowings from the market. Loans and advances provided by the central bank to the State Government declined by Rs 1,864 crore to touch Rs 868 crore, for the week ended October 1.
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