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Credit growth hits Three-Year high of 13.1%: RBI Data

Published on June 18, 2022
Current Context: According to the latest data released by the Reserve Bank of India bank credit grew 13.1% compared to 5.7% earlier.
Credit growth hits Three-Year high of 13.1%: RBI Data
  • Banks extended incremental credit of Rs 1.02 trillion, taking the outstanding loans to Rs 121.40 trillion.
  • Earlier credit growth was even higher in April 2019, when it goes up to 14.19%.
  • The main factors behind it were working capital utilization improved, credit from the non-banking sector improved, and companies were borrowing from banks at cheaper rates.
  • In addition to that bank deposits grew by Rs 1.59 trillion, taking the total to Rs 167.33 trillion which leads to 9.3%.
  • Bank credit in the system is expanding in double digits amid interest rates going up as the RBI has hiked the policy repo rate by 90 bps.
  • Bulk deposit rates have witnessed the sharpest spike of 100-170 bps in a one-year time.

Question:

Q.1 According to RBI's latest data bank credit grew _______ percentage?
a. 15%
b. 12.3%
c. 11.3%
d. 13.1%
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