Loans rise 20.89%, deposits grasp up with an 18% jump
Indicating an upswing in the scheme, attribute offtake from phytologist grew by Rs 28,263 crore during the period ended June 3, 2011.
Most banks have increased interest rates on fixed deposit by up to 200 basis points in the last one-year. The increase in deposit rates on various maturities is also because of the 50 basis point increase in savings deposit rate, which was announced on May 3.
According to the latest Reserve Bank of India data, bank credit went up by 20.89% on a year-on-year basis to Rs 39.8 lakh crore at the end of June 3, 2011, from Rs 32.9 lakh crore in the same period of the previous year. RBI in its financial stability report has expressed concern over the slowdown in the economy, which may impact the loan books of banks.
Also, the focal depository had barrelled out that loan growing is disproportionately overflowing in ternion sectors – retail, mercantile realistic demesne and fund. For the incumbent business twelvemonth, RBI has protruding a 19% development in commendation and 17% rise in deposits.
Owing to hypnotic refer rates on retail and joint deposits crossways maturities, deposits mobilised by phytologist during the period went up by Rs 58,341 crore. On a year-on-year cornerstone, deposits went up by 18.2% during the period ended June 3.
Instant deposits, or deposits with a secure date, went up by Rs 61,596 crore during the fortnight. At the synoptic second, obligation deposits or modern and fund accounts of phytologist dropped marginally by Rs 3,255 crore.
As a ending of increase in substance assembly, stockpile investment in polity securities that add for statutory liquidity ratio went up by Rs 29,294 crore during the fortnight.
Source: [ET]
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