Bank credit soars to over ₹120.46 lakh cr, deposits jump 9.7%: RBI data

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Bank credit increased by 10.82% year on year during the last fortnight ending May 6, 2022, to more than 120.46 lakh crore, the latest RBI data released on Thursday.

The credit was 119.56 lakh crore in the fortnight ending April 22, 2022. Meanwhile, in the fortnight ending May 7, 2021, bank credit stood at $108.67 million.

Under bank credit, RBI data showed that loans, cash credits and overdrafts had gone to 180.08 lakh crore in the fortnight ending May 6, 2022, compared to 117.17 lakh crore from the previous fortnight and 106.67 lakh crore in the fortnight ending May 7, 2021.

Bank deposits grew by 9.71% at 166.95 lakh crore in the fortnight ending May 6, 2022 from 152.17 lakh crore in the fortnight of May 7, 2021. Deposits stood at 166.23 lakh crore in the fortnight ending April 22, 2022.

As of May 6, 2022, outstanding food credit from scheduled commercial banks jumped to 55,487.15 crores compared to 42,552.09 crores in the fortnight ending April 22, 2022. However, the latest food credit decreased by 85,094.17 crore in the fortnight ending May 7, 2021.

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