Year growth in credit further slowed

Bank credit slows down
July 14, 2007
The year-on-year growth in credit further slowed to 23.4 per cent at the end of June 2007 from 24.6 per cent on June 22, 2007. Bank credit on June 29, 2007 stood at Rs 19,14,364 crore.

Deposits recorded a year-on-year growth of 23.2 per cent at the end of June compared with 24.5 per cent on June 22.

Bank deposits totalled Rs 27,02,859 crore on June 29. In the first quarter of 2007-08, bank credit dipped by Rs 14,549 crore while deposits grew by Rs 94,550 crore.

Foreign exchange reserves grew by $1.3 billion to $214.83 billion for the week-ended July 6,2007, on the back of suspected Reserve Bank of India intervention and weakening of the dollar.