Bank credit has raised to 6.58 percent to Rs. 107.04 lakh crore. The deposits have also raised to Rs. 11.75 percent to Rs. 147.81 lakh crore on February 12, reported the officials of the Reserve Bank of India. Moreover, the bank credit has been raised to Rs. 100.43 lakh core and deposits at Rs. 132.26 lakh crore.
The Reserve Bank of India registered that in the starting month of the year, the growth in bank credit was 5.93 percent, while deposits have witnessed a hike by 11.06 percent.
It has been stated that The non-food bank credit has raised at 5.7 percent in January 2021 against a hike of 8.5 percent in the same the last year, according to the Reserve Bank of India.
In the month of January, credit growth to agriculture and allied activities was raised to 9.9 percent from 6.5 percent.
Moreover, the loans sanctioned to the industry have contracted by 1.3 percent in the present month. It has been noticed that the loans have been compared to 2.5 percent growth in the last year. This was due to the contraction in credit to large industries.
According to the Reserve Bank of India, Credit growth to the services sector witnesses a drop down to 8.4 percent in January 2021 from 8.9 percent.
Moreover, it has been noticed, the credit to transport operators remained constant to perform Ewell during the month in terms of registering the rise in the growth, according to the Reserve Bank of India database.
The report states that the personal loan growth has been reduced by 9.1 percent in January 2021 as compared to 16.9 percent in the previous year, according to the Reserve Bank of India.