Credit, deposits growth continues to be sluggish

Indian banks' advances and deposits were sluggish at the end of first fortnight of the current fiscal, said data released by Reserve Bank of India (RBI) on Thursday.

The data said banks together lost around Rs 66,381 crore in deposits while advances came down by Rs 56,459 crore as of April 19.

RBI's data also suggested that deposits rose 13.27 per cent while advances grew 14.51 per cent year-on-year during the fortnight ended April 19, 2013. This was much slower growth compared to what was seen in last week of March 2013 when deposits spiked by 17.38 per cent and credit by 16.99 per cent, y-o-y.

In the annual policy announcement by RBI today, it is expected to project the credit and deposit growth target for this year.

Read more about: credit, deposits
Story first published: Friday, May 3, 2013, 9:30 [IST]
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