Total deposit growth was 9.8 percent in September 2022, RBI said. (File)
New Delhi:
Bank credit growth rose to 17.2 percent in the September quarter, up from 7 percent in the same period a year ago, the Reserve Bank of India (RBI) said today.
At the end of June of this financial year, it was 14.2 percent.
Credit growth remained broad-based as all populations and banking groups posted double-digit annual growth, the central bank said.
According to the quarterly statistics on deposits and credits of mainstream commercial banks (SCBs), total deposit growth in September 2022 was 9.8 percent.
The same has been between 9.5 and 10.2 percent since June 2021.
The RBI further noted that private sector banks are faster at mobilizing deposits than public sector banks, foreign banks and regional rural banks.
Bank branches in metropolitan centers have shown higher annual growth rates since December 2020 than those in rural, semi-urban and urban areas, it added.
“Growth in term deposits rose to 10.2 percent in September 2022 from 6.4 percent a year ago, while growth in current and savings deposits slowed from 17.5 percent and 14.5 percent a year ago, respectively, to 8.8 percent and 9.4 percent.” the RBI said.
The share of savings in total deposits decreased to 34.7 percent in the July-September period. It peaked at 35.2 percent in June 2022.
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