Guwahati: Bank credit grows to 17.2% from 7% in September quarter

Bank credit growth increased from 7 percent to 17.2 percent in the September quarter 2022, reflecting a rise in economic activities.

The Reserve Bank of India (RBI) while releasing its quarterly statistics on deposits and credit of SCBs (Scheduled Commercial Bank) that the credit growth remained broad based with all population groups and bank groups recorded double digit annual growth.

“Bank credit growth improved further to 17.2 percent (year-on-year) in September 2022 from 14.2 percent a quarter ago and 7 percent a year ago,” said RBI.

Aggregate deposits growth (year-on-year) which remained in a close range of 9.5 percent to 10.2 percent since June 2021, stood at 9.8 percent in September 2022. Since December 2020, bank branches in metropolitan centres have been recording higher annual growth than those in rural,semi-urban and urban areas.

The RBI said that the private sector banks group has also been outpacing public sector banks, foreign banks and regional rural banks in deposit mobilisation.

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