Money & Banking

Banks’ overall credit outstanding goes up by ₹74,734 crore

Mumbai | Updated on October 22, 2020 Published on October 22, 2020

Scheduled banks probably saw the highest fortnightly offtake of credit in the current financial year so far, with their overall credit outstanding going up by ₹74,734 crore.

Deposits of scheduled banks during the reporting fortnight ended October 9 lagged credit growth for the first time in the current financial year, growing ₹43,893 crore in the reporting fortnight, according to the Reserve Bank of India’s (RBI) data on scheduled bank’s statement of position in India.

The revival in credit growth comes in the backdrop of the economy entering the so- called “busy season” for credit offtake amid the raging pandemic.

It may be pertinent to mention here that the RBI Governor Shaktikanta Das, on Wednesday, said that the country is almost at the doorstep of revival process.

However, since the beginning of the current financial year, the scheduled banks credit outstanding is down by ₹30,069 crore.

With credit picking up, investments by scheduled banks in the reporting fortnight was relatively lower at ₹22,183 crore vis-a-vis ₹40,943 crore in the preceding fortnight.

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Published on October 22, 2020
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