Bank credit grows at 10.16%; deposits up 11.85%: RBI

Scheduled commercial banks' credit grew at 10.16% to Rs 66,32,101 crore in the fortnight ended May 15, according to the Reserve Bank data.

The advances stood at Rs 60,20,312 crore in the corresponding period of last year.

Deposits of the banks increased by 11.85% to Rs 87,39,610 crore in the period under review as against Rs 78,13,536 crore in the year-ago period, the data showed.

In FY15, banks' credit grew at 12.6% while deposit had grown by 12.8%.

Demand deposit of the banks rose 9.84% to Rs 7,87,998 crore in the reporting fortnight as against Rs 7,17,405 crore in the same period last year.

Time deposits increased by 12.05% at Rs 79,51,617 crore as against Rs 70,96,131 crore in the year-ago period.