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Journalism of Courage
MUMBAI, JAN 30: In a reversal of trend, the year-on-year growth in bank credit has increased to 15.6 per cent (Rs 47,164 crore) for the fortnight ended January 15, 1999, against 14.5 per cent (Rs 43,498 crore) during the previous fortnight.
The growth in bank credit during the year so far is Rs 25,161 crore against Rs 23,675 crore during the corresponding period in the previous year. The YoY growth in bank credit as on December 25, 1998, stood at 15.5 per cent while for the fortnight ended December 18, 1998, it was pegged at a higher level of 16.4 per cent.
The total outstanding bank credit for the fortnight ended January 15 stood at Rs 349,240 crore, up by 1.5 per cent (Rs 5,216 crore). Of this, non-food credit stood at Rs 4,717 crore while food credit was at Rs 499 crore.Aggregate deposits as on January 15, 1999, stood at Rs 685,062 crore, an increase of Rs 1,981 crore (0.3 per cent) during the fortnight while the YoY growth in deposits stood at 21.2 per cent. Deposit growth during the current fiscalwas at 13.2 per cent against 11.8 per cent in the previous year.The ways and means advances (WMA) of the central government increased by Rs 170 crore to Rs 5,195 crore as against the previous fortnight’s figure of Rs 5,025 crore.
The total foreign-exchange reserves as on January 22 stood at $3.05 billion, an increase of $76 million as against $350 million last week. The foreign currency assets stood at $2.74 billion, an increase of $35 million as against $350 million last week. Meanwhile, gold reserves stood constant at $3.01 billion.
The money supply as on January 1, 1999, stood at Rs 925,963 crore against Rs 825,389 crore as on March 31, 1998.
Total investments of commercial banks for the fortnight ended January 15, 1998-99, stood at Rs 45,015 crore against Rs 33,909 crore during the corresponding period in the previous year. The outstanding in commercial paper as on January 15 by commercial banks stood at Rs 4,952 crore, marginally lower compared with the last year’s level of Rs 5,910 crore. TheCentre on Friday privately placed Rs 5,000 crore with the central bank through two long-term papers of 11-year and 12-year maturities. With this, the government has exceeded its budgetary gross borrowing target of Rs 79,376 crore by Rs 11,374 crore to Rs 90,750 crore.
