According to RBI data, despite a rise of Rs.13029.60 crore in bank credit, outstanding bank credit is still lower by Rs.12627.00 crores when compared to March 2010. Outstanding bank credit for the fortnight ending 07.05.2010 was Rs.3227771.47 crore.
Bankers say the loan growth is normally dull during this time of the year since corporates are still drawing plans for spending. Banks on the other hand also do not push for loans aggressively as they are busy finalising accounts for the previous fiscal. Bankers expect loan demand to pick up by June.
During the same fortnight, deposits mobilised by commercial banks have risen Rs 24,470.67 crore to touch Rs 4,531,217.28 crore as on May 2007.
Bank investments in government bonds too dipped by Rs 9,219.97 crore during the fortnight. In the absence of lending opportunity, banks are instead parking their resources with various liquid mutual fund schemes, though the central bank had warned them to focus on lending instead. It is estimated that banks’ outstanding investments in various mutual funds schemes are in the region of Rs 100,000 crore.
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