October 6, 2021
Bank deposits increased to US$ 2.08 trillion in September 2021 from S$ 1.908 trillion in September 2020.
With regard to sectoral credit growth, the MSME, agriculture and personal loans sector witnessed an uptick.
Credit growth moderated to 3.5% in the services sector owing to contractions in the NBFC and commercial real estate sectors.
The textiles, mining, chemicals, petroleum and plastic products industries are among those with greater credit growth.
The Scheduled Banks’ Statement of Position in India as of September 24 reveals that Bank credit increased to US$ 1.46 trillion (Rs 109.57 lakh crore) in comparison to US$ 1.374 trillion (Rs 102.72 lakh crore) during the corresponding period in 2020. The period also saw an increase of bank deposits to US$ 2.08 trillion (155.95 lakh crore) as against US$ 1.908 trillion (Rs 142.62 lakh crore) registered on September 24, 2021. The growth signals a 6.7% increase in bank credit and a 11.4% increase in bank deposit.
Data from the RBI for the period of August reveals the sector distribution of credit growth as follows:
At an industrial level, credit growth is seen to have accelerated in the textiles, mining, chemicals, petroleum, plastic products, engineering and jewellery industries. However, industries such as food processing, leather, automobile components, metal products as well as beverages saw a decline in credit growth.