Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Base Effect Lifts Credit Growth to 10.65% in December

The credit growth is mainly because of the base effect. Due to the demonetisation last year, the base figures are getting revised and so that is where you are seeing the growth, State Bank of India's managing director (retail and digital banking) P K Gutpa said.

PTI

Updated:January 7, 2018, 6:54 PM IST
facebookTwitterskypewhatsapp
RBI, Mumbai
File photo of the Reserve Bank of India. (Reuters)
Loading...

Mumbai: Credit growth after a long gap grew in double digits to 10.65 per cent at Rs 80,96,727 crore in the fortnight ended December 22, 2017 due to the base effect, according to the RBI data.

The advances had stood at Rs 73,17,391 crore in the fortnight ended December 23, 2016.

"The credit growth is mainly because of the base effect. Due to the demonetisation last year, the base figures are getting revised and so that is where you are seeing the growth," State Bank of India's managing director (retail and digital banking) P K Gutpa said.

He said there is a revival in demand for retail credit but corporate credit continues to be muted.

"We are seeing revival of demand on the retail front. In December, we had record auto loans booked by us. Similarly, we saw a higher number of housing loans booked by us during the month," Gupta said.

The recently released Financial Stability Report showed that the credit growth of scheduled commercial banks, on a y-o-y basis, increased from 4.4 per cent to 6.2 per cent between March and September 2017.

The public sector banks credit growth increased from 0.7 per cent to 2.2 per cent during the same period reversing the declining trend observed during the past two years.

The growth in credit in the reporting period was slightly higher than the previous fortnight ended December 8, 2017.

In the previous fortnight, the banks advances had grown by 9.77 per cent to Rs 80,26,901 crore from Rs 73,12,107 crore in the year ago period.

In the reporting fortnight, banks deposits had risen by 3.96 per cent to Rs 108,85,118 crore as against Rs 104,69,807 crore in the period ended December 23, 2016, the data showed.

Deposits in the previous fortnight ended December 8, 2017 had grown by 3.32 per cent to Rs 109,01,613 crore as against Rs 105,50,392 crore in the period ended December 9, 2016.

The FSR had said deposit growth of scheduled commercial banks, on a y-o-y basis, decelerated from 11.1 per cent to 7.8 per cent between March and September 2017.

The decline in deposit growth is observed across all bank groups, the report said.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
HDFC Bank 1,264.00 5.37
ICICI Bank 449.20 7.59
Axis Bank 722.30 6.17
Maruti Suzuki 6,885.35 4.45
HDFC 2,172.40 6.01
Company Price Change %Gain
Larsen 1,529.45 8.25
Maruti Suzuki 6,885.00 4.55
ICICI Bank 449.00 7.58
Bajaj Finance 4,032.05 8.81
Yes Bank 56.00 0.99
Top Gainers
Company Price Change %Gain
Bajaj Finance 4,024.95 8.72
BPCL 438.00 8.46
Larsen 1,528.75 8.31
Bajaj Finserv 8,329.95 8.27
Adani Ports 410.30 7.78
Company Price Change %Gain
Bajaj Finance 4,019.25 8.46
Larsen 1,528.65 8.20
ICICI Bank 448.70 7.51
ITC 255.10 7.12
Asian Paints 1,793.90 7.27
Top Losers
Company Price Change %Gain
Zee Entertain 272.25 -9.67
Infosys 766.95 -4.73
Tata Motors 127.30 -4.47
Power Grid Corp 188.95 -3.70
Wipro 238.85 -2.89
Company Price Change %Gain
Infosys 767.05 -4.73
Tata Motors 127.40 -4.50
Power Grid Corp 189.05 -3.72
NTPC 117.15 -2.29
Bharti Airtel 348.30 -2.14

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results