Bank credit demand up 5.5% in FY18’s first fortnight: RBI data
For the fortnight to 14 April 2017, bank credit stood at Rs76.31 trillion, up 5.52% from Rs72.31 trillion in the week to 15 April 2016, RBI data shows
Mumbai: After plunging to an over six- decade low of 5.08 per cent in fiscal 2017, bank credit inched up to 5.52 per cent in the fortnight to 14 April, according to the Reserve Bank of India (RBI) data.
For the fortnight to 14 April, bank credit stood at Rs76.31 trillion, up 5.52 per cent from Rs72.31 trillion in the week to 15 April, 2016, thus beginning the new financial year on a promising note.
For the year to March, banks’ outstanding credit stood at Rs78.81 trillion as against Rs75.01 trillion as of 1 April, 2016.
It can be noted that the credit growth in FY17 was the lowest since fiscal 1954 when it had inched up by a paltry 1.7 per cent, according to the apex bank data. The low credit growth in fiscal 2017 was due to high bad debt and almost nil corporate demand.
Besides, the companies were tapping funds from corporate bond market.
In the first fortnight of the fiscal 2018, banks deposit grew by 11.59 per cent to Rs105.92 trillion as against Rs94.92 trillion a year ago, as per the RBI data.
In the previous fiscal year, deposits grew by 11.75 per cent, helped by a large flow of funds into the banking system after the demonetisation of high value notes last November.
The 65-year-old businessman, meanwhile, remains on bail in the UK while a "confidential" legal matter, believed to be related to an asylum application, is resolved in connection with the unrelated extradition proceedings
The programme will be implemented with the total central financial support of Rs 11,814 crore
So far, the bank has not notified any new exam date yet. Earlier, the SBI clerk main exam was scheduled to be conducted on 31 July