MUMBAI: Bank deposits grew at healthy 16 per cent year-on-year to Rs 7,605,171 crore as on February 21, surpassing the pace of credit growth, according to RBI data.
Deposits at commercial banks stood at Rs 6,565,137 crore during the same period last year, the fortnightly data said. Bank credit grew at 14 per cent year-on-year to Rs 5,861,736 crore as on February 21, as against Rs 5,127,264 crore in the same period last year.
The RBI’s estimate of the credit growth for current fiscal, 2013-14, is 15 per cent, while for deposits it is 14 per cent. During the period, the time deposit grew 16.47 per cent at Rs 6,912,598 crore as against Rs 5,934,640 crore in the same period last year.
Demand deposit rose 10 per cent to Rs 6,92,574 crore from Rs 6,30,497 crore in the year-ago period. —PTI