Demand for working capital and home loans helped the banking system log higher credit growth in the first two months of the current financial year compared with the corresponding year ago period.
Bank credit saw an incremental growth of Rs 1,18,053 crore during the period, against Rs 1,02,413 crore in the year ago period, according to Reserve Bank of India’s scheduled banks statement of position for the fortnight ended May 31.
In the fortnight ended May 31, the banking system saw credit offtake of Rs 49,846 crore. In other words, 42 per cent of the incremental credit growth in first two months of the current financial year happened in the reporting fortnight.
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