Bank credit grows at 17.2% in Sep quarter: RBI data

Mumbai: Bank credit growth improved to 17.2 percent in the September quarter 2022 from 7 percent in the year-ago period, reflecting pick-up in economic activities. "Credit growth remained broad-based: all population groups and bank groups recorded double digit annual growth," the Reserve Bank of India (RBI) said while releasing 'Quarterly Statistics on Deposits and Credit of SCBs: September 2022'.

IMF praises RBI for tightening the monetary policy to curb inflation

Bank credit grows by 17.2% on y-o-y basis: RBI

"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," RBI said.

Aggregate deposits growth (y-o-y), which remained in the close range of 9.5-10.2 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.

Private sector bank group has been outpacing public sector banks, foreign banks and regional rural banks in deposit mobilisation, the RBI said.

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