Bank lending up 15 percent on strong festive demand

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Mumbai: Bank lending grew by 15.07 per cent year-on-year in the fortnight ended September 8, while deposits grew by 12.80 per cent, driven by strong festive demand. According to the figures of the Reserve Bank, the number of outstanding loans of the banking sector was Rs 150.38 trillion at the end of September 8. This figure comes after covering the impact of HDFC's merger with HDFC Bank.

If the number of mergers is excluded, the overall number of outstanding loans has been Rs 144.43 trillion. At the end of the fortnight of August 25, the number of outstanding loans stood at Rs 143.15 trillion, said the data.

During the period of September to December, there is an increase in credit demand as a result of various festivals.

Deposits grew by 12.80 percent to Rs 192.39 trillion in the fortnight ended September 8. At the end of August 25, the deposit figure was 190.89 trillion rupees. Banks are facing liquidity problems as deposit growth lags behind credit growth.

Credit growth in the country is mostly due to increase in retail loans. Despite the increase in credit, there are no signs of danger at present, Reserve Bank of India Deputy Governor Michael Patra said while speaking at a conference.

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