Bank credit growth in FY22 was 9.6% compared to 5.6% in FY21. Deposit growth fell to 8.9% in FY22, down from 11.4% in FY21.
Total bank credit stood at Rs. 118.9 lakh crore (US$ 1.56 trillion) on March 25, the last reporting Friday for FY22, according to figures issued by the Reserve Bank of India (RBI). This is an increase of Rs. 1.8 lakh crore (US$ 23.72 billion) in the last two weeks and Rs. 10.4 lakh crore (US$ 137 billion) in the last financial year, representing a 9.6% YoY increase.
Bank deposits totaled Rs. 164.7 lakh crore (US$ 2.17 trillion), up by Rs. 1.9 lakh crore (US$ 25.04 billion) in the last two weeks and Rs. 13.5 lakh crore (US$ 177.95 billion) in FY22. The growth in bank deposits during the year was 8.9%.
Retail lending continues to be the driving force behind credit. Part of the rise on the wholesale side can be attributed to the shift from money markets to loans as the central bank began to drain surplus liquidity. In addition, the rise in commodity prices, such as oil, has raised the need for working capital.
Private sector banks drove the credit recovery, accounting for slightly more than half of loan growth at 50.4%, with public sector banks accounting for 44.7%.
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