The Reserve Bank of India (RBI) on Monday released quarterly statistics on deposits and credit highlighting bank credit growth to 17.2 per cent on an annual basis in September from 14.2 per cent a quarter ago.
A year ago, the bank credit growth stood at 7.0 per cent, as per the RBI data.
The credit growth remained broad-based with all population and bank groups recording double digit annual growth.
“Aggregate deposits growth (y-o-y), which remained in the close range of 9.5-10.2 per cent since June 2021, stood at 9.8 per cent 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,” stated the press release.
The private sector banks have been outpacing public sector banks, foreign banks and regional rural banks in deposit mobilisation.
According to the release, growth in terms of 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 share of savings deposit in total deposits, which increased from 32.4 per cent in June 2019 to a peak of 35.2 in June 2022, moderated marginally to 34.7 in the latest quarter.
All-India credit-deposit (C-D) ratio increased further to 74.8 per cent in September 2022 from 73.5 per cent a quarter ago and 70.0 per cent a year ago; C-D ratio for metropolitan bank branches, which have a dominant share in the banking business, stood much higher at 87.6 per cent in September 2022 (82.8 percent a year ago).
