According to a statement released today by the Reserve Bank of India (RBI), bank loan growth surged to 17.2% in the September quarter from 7% in the same quarter last year.
At the end of the first quarter of current fiscal year, it was 14.2%.
According to the central bank, credit growth continued to be broadly based as all population groups and bank groups experienced double-digit annual growth.
The scheduled commercial banks’ (SCBs’) quarterly statistics on deposits and loans show that overall deposit growth was 9.8% in September 2022.
Since June 2021, the same has fluctuated between 9.5 and 10.2%.
The RBI also noted that private sector banks were outperforming public sector banks, foreign banks, and local rural banks in terms of deposit mobilization.
Since December 2020, bank branches in metropolitan areas have experienced greater annual growth than those in rural, semi-urban, and urban areas, the report continued.
“Growth in term deposits rose to 10.2 per cent in September 2022 from 6.4 per cent a year ago, whereas current and savings deposits growth moderated to 8.8 per cent and 9.4 per cent from 17.5 per cent and 14.5 per cent, respectively, a year ago,” the RBI said.
Savings deposits’ percentage of all deposits moderated to 34.7% between July and September. The highest point was 35.2% in June 2022.