According to the release figures, Bank credit In India during the fortnight under review reached Rs 124.305 lakh crore, registering a growth of 15.32 per cent.
for the same period, Bank deposits 8.84 per cent to Rs 169.49 lakh crore.
bank advance As per the data, it was Rs 107.79 lakh crore.
During the last fortnight (ending July 29), there was a growth of 14.52 per cent in bank credit and 9.14 per cent in deposits.
In the financial year 2021-22, bank credit in India grew by 8.59 per cent and deposits by 8.94 per cent.
An earlier ET story told how large corporates have shifted to banks for their fund requirements instead of raising funds overseas or from the bond market.
“Not only is the demand for credit increasing, customers, especially large corporates, are shifting to banks for their credit requirement, unlike other forms of borrowing,” according to
Managing Director Shyam Srinivasan.
RBI data showed that Bank loan Carry by large corporations grew 3.3% year-on-year in June – the highest increase since Covid. During the same time a year ago, large corporate loans declined 3.4% year over year.
At the end of July, bank credit saw a year-on-year growth of 14.5% due to increased demand from large and medium corporations. Large corporate loans rose by Rs 76,464 crore to Rs 23.93 lakh crore in the last one year, while medium-sized corporate loans rose by Rs 71,115 crore to Rs 2.21 lakh crore, according to RBI data.
“In the rising interest rate scenario, corporates are looking for long-term borrowings instead of short-term loans and this has helped banks improve credit growth,”
Managing Director AS Rajeev told ET in a conversation.