Deposits continue to outpace credit growth; up 15.55%: RBI

Bank deposits continued to outpace credit growth, clipping at 15.55 percent year-on-year to Rs 7,692,309 crore as on March 7, according to RBI. Deposits of commercial banks stood at Rs 6,657,109 crore during the same period last year, according to RBI fortnightly data released today.

Meanwhile, credit grew at 14.65 percent year-on-year to Rs 5,937,249 crore as on March 7, as against Rs 5,178,577 crore in the same period last year. The RBI's estimate of the credit growth for the current fiscal is 15 percent, while for deposits it is 14 percent. During the period, the time deposit grew 15.70 percent at Rs 6,989,150 crore as against Rs 6,040,646 crore in the same period last year. Demand deposit rose 14.06 percent to Rs 7,03,162 crore from Rs 6,16,463 crore in the year ago period. During the fortnight ending February 21, deposits grew at healthy 16 per cent year-on-year to Rs 7,605,171 crore as against Rs 6,565,137 crore during the same period last year, according to the data. In previous fortnight, bank credit grew at 14 percent year-on-year to Rs 5,861,736 crore as on February 21, as against Rs 5,127,264 crore in the same period last year.