Banks have posted a record growth in loans and deposits in the latest fortnight ended December 31 during which both loans and deposits rose by more than 1 lakh crore.
The latest data on loans and deposits released by the central bank show that bank loans comprising loans to individuals and business, or non-food credit, amounted to 3,697,265.07 crore as on December 31, up 119,920.01 crore over the previous fortnight.
Bank deposits on the other hand were up 171,601.71 crore to 4,971,390.23 crore. While demand deposits rose 51812.31 crore, term deposits, which are a resource for lending to banks, rose 119,789.4 crore during the fortnight.
Banks, which have to make public their business and profit figures every quarter, often shore up loans and deposit figures during the last fortnight in any quarter to show good business performance to their investors. However, this time around, the rise is very steep.
For the quarter as a whole, loan growth ended at 325,205.93 crore against 143,711 crore in the same period a year ago while total deposits rose 264,097.19 crore ( 44,533 crore).
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