Bank credit inflated by 6.52 percent year-on-year to Rs reach 102.52 lakh crore, while deposits increased 10.64 percent to Rs 138.50 lakh crore in the fortnight ended May 8, according to the Reserve Bank of India (RBI) data.
In the fortnight ended May 10, 2019, lender loans are reported at Rs 96.24 lakh crore, and deposits at Rs 125.17 lakh crore.
On a fortnightly basis, bank credit dropped by Rs 21,010.36 crore to Rs 102.52 lakh crore during from Rs 102.73 lakh crore in the fortnight ended April 24, 2020.
On Tuesday, Finance Minister Nirmala Sitharaman stated that Public Sector Banks (PSBs) sanctioned around Rs 6.45 lakh crore worth loans to various sectors, such as MSMEs, agriculture and retail during March 1 and May 15.
Loans cleared by PSBs at the end of May 8 were reported at Rs 5.95 lakh crore.
“Loans worth over Rs 6.45 lakh crore were sanctioned by PSBs during March 1 – May 15 for 54.96 lakh accounts from MSME, Retail, Agriculture & Corporate sectors; A notable increase compared to the Rs 5.95 lakh crore sanctioned as of May 8,” Sitharaman had tweeted.