Bank credit grows 3.2 pc in first nine months of FY21

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MUMBAI:
Bank
credit grew
3.2 per cent to Rs 107.05 lakh crore
in the
first
nine
months
of the current financial year, against a growth
of 2.7 per cent registered
in the corresponding period
of 2019-20.

In the fortnight ended March 27, 2020,
bank advances stood at Rs 103.72 lakh crore.

Bank deposits rose 8.5 per cent to Rs 147.27 lakh crore
in the April-December 2020 period as against an increase
of 5.1 per cent a year ago, according to the recent data released by the Reserve
Bank
of India.

The sharp accretion
in deposits during the year was due to the safe haven appeal
of banks.

In the fortnight ended January 1, 2021, the year-on-year growth
in
bank
credit was 6.7 per cent and 11.5 per cent
in deposits, the data showed.

CARE Ratings
in its recent report had said the
bank
credit growth has returned to the levels observed
in early
months
of the pandemic — average
bank
credit growth
in March and April 2020 was around 6.5 per cent.

The
bank
credit growth
in the fortnight ended January 1, 2021, increased compared to last fortnight (December 18, 2020) which can be ascribed to an increase
in retail loans.

However, the
credit growth remained marginally lower compared with the year-ago period (7.5 per cent as
of January 3, 2020) reflecting subdued demand and risk aversion
in the banking system.

Lenders are being selective with their
credit portfolios due to asset quality concerns, the rating agency said.

According to the recent Financial Stability Report, under a baseline stress scenario, gross non-performing assets
of all banks may rise to 13.5 per cent by September 2021, which would be the highest
in over 22 years, from 7.5 per cent
in September 2020.

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