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Bank credit up 10.39% at Rs 64,53,394 crore, lags deposit growth

Time deposit stood at Rs 77,05,748 crore, up 11.85% as against Rs 68,88,771 crore in the same period last year.

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Bank credit growth continued to trail deposit mop-up and remained muted with a mere 10.39% rise at Rs 64,53,394 crore in the fortnight to February 20, up from Rs 58,45,833 crore a year ago, according to the latest data released by the Reserve Bank.

Deposits of the banks, on the other hand continued to outpace credit demand rising 11.85% to Rs 84,74,824 crore in the reporting fortnight as against Rs 75,76,609 crore in the same fortnight last year.

In the previous fortnight, banks credit had grown at 10.38%, while deposits increased by 11.77%. Banks demand deposit rose by 11.81% to Rs 7,69,079 crore in the period as against Rs 6,87,838 crore.

Time deposit stood at Rs 77,05,748 crore, up 11.85% as against Rs 68,88,771 crore in the same period last year.

In the quarter ended December 31, 2014, banks aggregate deposits and credit decelerated to 10.9% and 10.1%, respectively from 15.4% and 14.2% a year ago.

The deceleration in aggregate deposits as well as gross bank credit was broad based and observed across all population groups in the previous quarter.

Public sector banks together accounted for 73.3% share in aggregate deposits and 71.2% share in gross bank credit followed by private sector banks at 19.2% and 21%, respectively at end-December 2014.

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