Bank deposits grew 14.8 per cent year-on-year to Rs 78,88,416 crore as of May 2, faster than credit growth, according to the RBI data.
Deposits of commercial banks stood at Rs 68,68,811 crore during the same period last year, according to the RBI’s fortnightly data. Bank credit grew at 13.8 per cent year-on-year to Rs 60,67,459 crore in the reporting fortnight, as against Rs 53,29,812 crore last year.
During the period, the term deposits grew 14.71 per cent at Rs 71,40,184 crore as against Rs 62,24,047 crore in the previous year. Demand deposits rose 16.04 per cent year-on-year to Rs 7,48,231 crore.
On a fortnightly basis, deposits rose marginally by 0.23 per cent to Rs 78,88,416 crore as against Rs 78,69,967 crore in the week ended April 18.
Credit growth was up at Rs 60,67,459 crore from Rs 60,36,083 crore.