First time this fiscal, credit growth enters single-digit lane as slump spreads
5 years, 3 months ago

First time this fiscal, credit growth enters single-digit lane as slump spreads

India Today  

Reflecting the deepening economic crisis arising from both structural and cyclical issues and a massive fall in consumption demand, bank credit growth rate, for the first time this fiscal, slowed to single-digit at 8.8 per cent to Rs 97.71 lakh crore during the fortnight to September 27, according the Reserve Bank of India data. In the first fortnight of the fiscal ending April 12, the credit demand grew 14.19 per cent after closing the previous fiscal at 13.24 per cent. While credit growth rate to the services sector more than halved to 13.3 per cent in August from 26.7 per cent a year ago, personal loans growth also moderated to 15.6 per cent in August from 18.2 per cent in August 2018. In the fortnight to September 27, deposits growth too slowed to 9.38 per cent to Rs 129.06 lakh crore from Rs 118 lakh crore a year ago.

India Growth Credit Cent Fiscal Credit Growth  crore  enters  singledigit  tax  spreads  cent  lane  demand  rs  lakh  growth  slowed  fiscal  slump  credit

History of this topic

Banks added over ₹2 trillion more in deposits than loans in 2024
18 hours, 37 minutes ago

Banks added over ₹2 trillion more in deposits than loans in 2024

Live Mint  

MUMBAI : Banks in India added more deposits than loans last year, leading to a softening of the credit-deposit ratio, even as deposit growth failed to keep pace with advances, showed latest data from the Reserve Bank of India. “There was a structural shift away from bank deposits into other forms of investments, especially in the markets," said Vivek Iyer, …

New credit card issuances plunge 50% in October to 7.8 lakh as against 16 lakh a year ago
1 month, 1 week ago

New credit card issuances plunge 50% in October to 7.8 lakh as against 16 lakh a year ago

New Indian Express  

MUMBAI: The credit card industry seeing a sharp 50% year-on-year decline in new card issuances to a meagre 7.8 lakh in October as against 16 lakh cards issued in the same month last year. In November 2023, the Reserve Bank, fearing a bubble build-up in the unsecured loans segment, which has been growing at three times the other loans for …

Banks see deposits rise for the third consecutive fortnight since mid-October
1 month, 2 weeks ago

Banks see deposits rise for the third consecutive fortnight since mid-October

New Indian Express  

MUMBAI: Indian banks' intense efforts to mop up deposits have finally begun to pay off, with liabilities growing faster than assets for the third consecutive fortnight. It marks the first time in 30 months that this has happened, following a period of aggressive deposit collection by lenders since the credit-deposit growth mismatch began in the fortnight ending March 25, 2022. …

RBI Reports Home Loan Outstanding Growth Of Rs 3.4 Lakh Crore Over 12 Months
6 months, 2 weeks ago

RBI Reports Home Loan Outstanding Growth Of Rs 3.4 Lakh Crore Over 12 Months

ABP News  

Housing loan outstanding expanded faster in May 2024 than in the previous year, while growth in the personal loan segment slowed compared to the previous year. According to Reserve Bank of India data, credit growth for housing loans, the most significant component of personal loans, accelerated by 16.9 per cent to reach Rs 23.49 lakh crore, up from Rs 20.09 …

Crushed by inflation, populace using loans to make ends meet: Congress
1 year, 2 months ago

Crushed by inflation, populace using loans to make ends meet: Congress

The Hindu  

Expressing concern over the economic trends emerging from the Reserve Bank of India’s October bulletin, the Congress on Wednesday alleged that a vast majority of Indians are suffering because of economic “mismanagement” by the BJP-led Centre. Congress general secretary Jairam Ramesh said the October bulletin “shows extremely concerning economic trends” as inflationary trends have remained above the RBI’s threshold level …

India's June quarter current account deficit narrows to 1.1 per cent: RBI
1 year, 3 months ago

India's June quarter current account deficit narrows to 1.1 per cent: RBI

Hindustan Times  

India's current account deficit narrowed to USD 9.2 billion or 1.1 per cent of GDP for the April-June period, the Reserve Bank said on Thursday. The net external commercial borrowings to India recorded an inflow of USD 5.6 billion in the quarter compared to an outflow of USD 2.9 billion a year ago, the RBI said The current account deficit, …

Bank credit rose 15 pc in December
1 year, 11 months ago

Bank credit rose 15 pc in December

Deccan Chronicle  

Chennai: Bank credit rose by a robust 15 per cent in December, supported by 20 per cent growth in retail loans and 35 per cent growth in loans to NBFCs. Retail loans, which have 31.8 per cent share in the overall bank credit, grew by 20 per cent against December 2021 and 45 per cent against March 2020 due to …

Keep an eye on these economic indicators in 2023
2 years ago

Keep an eye on these economic indicators in 2023

Live Mint  

Global headwinds, tightening monetary policy and the lingering effects of the pandemic have combined to create a gloomy global outlook. In its December bulletin, the Reserve Bank of India said that with balance of risks being tilted towards a darkening global outlook and emerging markets appearing more vulnerable, the Indian economy needs support from domestic growth drivers. Sectoral deployment of …

Indian banks to see record credit growth of over ₹19 trillion in FY23: Icra
2 years ago

Indian banks to see record credit growth of over ₹19 trillion in FY23: Icra

Live Mint  

New Delhi: Indian banks are likely to witness a record high credit growth, surpassing the ₹19 trillion in the current fiscal year, domestic rating agency Icra said on Monday. Further, the growth momentum is expected to remain strong in FY2024 as well, even though rising interest rates and tight liquidity conditions could moderate the growth,” said Anil Gupta, senior vice …

Economy On Track To Achieve 6.8-7 Per Cent Growth In FY23: CEA V Anantha Nageswaran
2 years, 1 month ago

Economy On Track To Achieve 6.8-7 Per Cent Growth In FY23: CEA V Anantha Nageswaran

ABP News  

The Indian economy is on track to achieve 6.8-7 per cent GDP growth in this financial year, said Chief Economic Advisor V Anantha Nageswaran, on Wednesday. Nageswaran's comments came after the latest data showed India's GDP growth more than halved to 6.3 per cent in July-September. In 2022-23, the economy is on track to achieve 6.8-7 per cent growth,” Nageswaran …

RBI says bank credit growth accelerates to 17.2 % in September quarter: Report
2 years, 1 month ago

RBI says bank credit growth accelerates to 17.2 % in September quarter: Report

Hindustan Times  

Bank credit growth improved to 17.2 per cent in the September quarter 2022 from 7 per cent in the year-ago period, reflecting pick-up in economic activities. Bank credit growth improved further to 17.2 per cent in September 2022 from 14.2 per cent a quarter ago and 7 per cent a year ago, it said. Aggregate deposits growth, which remained in …

RBI concerned about slow deposit growth
2 years, 1 month ago

RBI concerned about slow deposit growth

Deccan Chronicle  

Mumbai: The Reserve Bank Of India is concerned about the slow deposit growth and how banks would support double-digit credit growth amidst tightening liquidity. The issue was discussed on Wednesday when RBI governor Shaktikanta Das met managing directors and chief executive officers of public sector banks and key private sector banks. One of the issues discussed was that while credit …

Credit demand is gathering momentum; Will deposits catch up with the pace?
2 years, 5 months ago

Credit demand is gathering momentum; Will deposits catch up with the pace?

Live Mint  

As the impact of the pandemic continues to fade away, credit offtake in the financial system has been gathering momentum. According to the CMIE report, outstanding personal loans increased by 1.5 per cent in June 2022 compared to the previous month. Credit growth in the large industries segment was 3.3 per cent, compared to a 4.8 per cent contraction in …

MSME sector records credit growth of 14% in 2022-23, says SBI Research report
2 years, 5 months ago

MSME sector records credit growth of 14% in 2022-23, says SBI Research report

Firstpost  

SBI Research said in its weekly report ‘Ecowrap’ that the sector has expanded by Rs 52,800 crore against degrowth of Rs 61,000 crore during the similar period of the previous year New Delhi: Credit growth to the Ministry of Micro, Small & Medium Enterprises sector has expanded by Rs 52,800 crore in the current financial 2022-23 year against degrowth of …

India's GDP growth turns positive, but experts caution against celebrating 0.4% growth
3 years, 10 months ago

India's GDP growth turns positive, but experts caution against celebrating 0.4% growth

India Today  

Though India’s economic health continues to slowly improve, a comprehensive recovery is yet to be seen. It had contracted by 23.9 per cent in April-June 2020 and by 7.5 per cent in July-September 2020; in the October-December 2020 period, it grew 0.4 per cent. The Finance Ministry’s Economic Survey 2020-21 projects that India’s real GDP growth in FY22 will be …

Bank Credit Grows at 5.4 per cent in September Quarter, Says RBI
4 years ago

Bank Credit Grows at 5.4 per cent in September Quarter, Says RBI

News 18  

Bank credit growth on a year-on-year basis stood at 5.4 per cent in September quarter of the current fiscal year compared to 5.7 per cent growth in the previous quarter, RBI data showed. Credit growth for metropolitan branches, which have major share in bank credit, decelerated to 3.3 per cent year-on-year in September 2020 quarter as compared to 4.7 per …

Bank Credit Rises 5.67%, Deposits Up 10.63%, RBI Data Shows
4 years, 1 month ago

Bank Credit Rises 5.67%, Deposits Up 10.63%, RBI Data Shows

News 18  

Bank credit grew by 5.67 per cent to Rs 104.04 lakh crore, while deposits increased by 10.63 per cent to Rs 143.80 lakh crore in the fortnight ended November 6, according to RBI data. In the previous fortnight ended October 23, 2020, bank credit had risen by 5.06 per cent and deposits by 10.12 per cent. On a year-on-year basis, …

Bank Credit Rises 5.15% in Fortnight Ended September 25: RBI Data
4 years, 3 months ago

Bank Credit Rises 5.15% in Fortnight Ended September 25: RBI Data

News 18  

Bank credit grew by 5.15 per cent to Rs 102.72 lakh crore, and deposits rose by 10.51 per cent to Rs 142.64 lakh crore in the fortnight ended September 25, according to RBI data. In the previous fortnight ended September 11, 2020, bank credit had increased by 5.26 per cent to Rs 102.24 lakh crore, and deposits surged by 11.98 …

Bank Credit Grows 5.52% in Fortnight Ended Aug 14: RBI Data
4 years, 4 months ago

Bank Credit Grows 5.52% in Fortnight Ended Aug 14: RBI Data

News 18  

Bank credit grew 5.52 per cent to Rs 102.19 lakh crore and deposits increased 11.04 per cent to Rs 140.80 lakh crore in the fortnight ended August 14, according to RBI data. In the previous fortnight ended July 31, 2020, bank credit grew 5.51 per cent while deposits witnessed a growth of 11.11 per cent. On a year-on-year basis, non-food …

Bank Credit Grows 5.51% and Deposits 11.11%, Shows Latest RBI Data
4 years, 5 months ago

Bank Credit Grows 5.51% and Deposits 11.11%, Shows Latest RBI Data

News 18  

Bank credit and deposits grew 5.51 per cent and 11.11 per cent to Rs 102.65 lakh crore and Rs 141.61 lakh crore, respectively, in the fortnight ended July 31, according to the latest data from the RBI. On a year-on-year basis, non-food bank credit growth was at 6.7 per cent in June 2020, nearly the same as in May 2020 …

RBI waves red flag on burgeoning NPAs
4 years, 5 months ago

RBI waves red flag on burgeoning NPAs

India Today  

The Financial Stability Report, released by the Reserve Bank of India on July 24, highlights a few key challenges that the Indian banking and financial sector are going through, especially due to the Covid-induced lockdown. The stress tests that the central bank carried out reveal that the gross non-performing assets ratio of scheduled commercial banks could worsen to as high …

Bank credit growth may have bottomed out at 6%: Crisil
4 years, 10 months ago

Bank credit growth may have bottomed out at 6%: Crisil

The Hindu  

Credit growth of commercial banks may have bottomed out, which is expected to be 6% this financial year and in 2020-21, the growth could improve to 8-9%, rating agency Crisil said. “The prolonged slowdown in bank lending may be bottoming out this fiscal, with gross credit offtake set to rise 8-9% on-year in fiscal 2021, a good 200-300 basis points …

Bank credit growth slows to 10.24%, deposits at 9.73%
5 years, 4 months ago

Bank credit growth slows to 10.24%, deposits at 9.73%

India TV News  

Bank credit and deposits growth slowed to 10.24 percent and 9.73 percent to Rs 96.80 lakh crore and Rs 127.80 lakh crore, respectively, in the fortnight to August 30, show the latest RBI data. In the previous fortnight to August 16, advances grew 11.64 percent to Rs 96.82 lakh crore and deposits by 10.15 percent to Rs 126.80 lakh crore. …

Non-bank credit flow fell 19.4% in FY19, says central bank
5 years, 4 months ago

Non-bank credit flow fell 19.4% in FY19, says central bank

Live Mint  

Mumbai: While credit flow from non-banks declined 19.4% in fiscal year 2018-19, flows from banking sources rose 44% during the period to meet the financing requirements of the commercial sector, the Reserve Bank of India said in its 2018-19 annual report. “The decline in flows from non-banks was mainly on account of lower flows from non-deposit-taking systemically important NBFCs and …

The case for doubting India’s GDP numbers
5 years, 6 months ago

The case for doubting India’s GDP numbers

Live Mint  

Arvind Subramanian was the chief economic advisor to the Government of India from October 2014 to June 2018. Arvind Subramanian wrote an article in The Indian Express summarizing his findings on the econometric work he had done on India’s gross domestic product growth estimates. I concluded—without any statistical estimation—that India’s real GDP growth rate might be overstated by 1-1.5 percentage …

Banks close FY19 with 13.24% credit growth, deposits up 10.03%
5 years, 9 months ago

Banks close FY19 with 13.24% credit growth, deposits up 10.03%

Live Mint  

Banks closed fiscal 2019 with robust disbursals that rose in double-digits for the second year in row, after the sub-5 % in FY17, which was the lowest in five decades. According to the Reserve Bank data released Thursday, bank credit rose 13.24 % to ₹97.67 lakh crore for the fortnight to March 29, while deposits grew by 10.03 % to …

At 10.8%, growth in infra credit is back to FY15 levels; economy is riding on the back of govt spending
5 years, 9 months ago

At 10.8%, growth in infra credit is back to FY15 levels; economy is riding on the back of govt spending

Firstpost  

Its not just infrastructure loans, overall lending to industry too has shown a reviving trend after staying in the negative for two consecutive years. In the first nine months of financial year 2019, credit growth to infrastructure sector stood at 10.8 percent, growing at double digits after a gap of four years. In financial year 2018, credit growth to infrastructure …

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