Mumbai: Bank credit and deposits grew by 6.11% and 9.09% respectively in the fortnight ended March 13, according to the latest Reserve Bank data. Bank advances stood at Rs 101.40 lakh crore in the period under review against Rs 95.56 lakh crore in the fortnight ended on March 15, 2019.
Deposits were Rs 133.39 lakh crore in the fortnight to March 13 this year against Rs 122.27 lakh crore in the last year. In the previous fortnight ending February 28, bank credit had grown by 6.13% to Rs 101.04 lakh crore and deposits increased by 9% to Rs 133.31 lakh crore.
In January 2020, bank credit growth declined to 8.5% as against a growth of 13.5% year-ago, led by a sharp slowdown in loans to the services sector. Growth in advances to the services sector decelerated to 8.9% from 23.9% in January 2019.
During the month, personal loans segment grew by 16.9%, unchanged from the year-ago period. Within personal loans, credit to housing segment grew by 17.5% from 18.4%, while education loan showed a negative growth of 3.1% as against a negative growth of 2.3% in January 2019, the RBI data showed.