Credit growth overtakes bank deposits

Mumbai:  After almost a year, bank credit overshot deposits and grew by 13.28 per cent to Rs 61,22,531 crore for the week ended June 27, while deposits grew at 12.44 per cent to Rs 79,52,160 crore during the same period, according to Reserve Bank od India’s data.  While total credit stood at Rs 54,04,562 crore in the same period last year, bank deposits stood at Rs 70,72,139 crore in the corresponding period last year.  During the period, the demand deposits was up 9.7 per cent to Rs 7,85,779 crore from Rs 7,16,243 crore in the similar period last year.         Time deposits rose 12.75 per cent to Rs 71,66,382 crore during the period from Rs 63,55,896 crore last year.