Bank credit increased to Rs 40,74,295 crore during the fortnight ended September 9, a rise of Rs 29,433 crore from Rs 40,44,861 in the previous fortnight ended August 26, 2011.
Over the same period last year, the increase in credit was to the tune of Rs 6,90,889 crore, or 20 per cent.
As on September 10, 2010, bank credit was Rs 33,83,406 crore. According to bankers, demand for credit is sluggish and the credit off-take is more do to with corporates utilising loans that were sanctioned earlier.
“There has been a clear slowdown in investment demand. There are hardly any new projects coming up due to both rise in interest rates and cost of inputs. Companies such as steel and infrastructure which were earlier large consumers of credit are suffering,” said Mr S. S. Mundra, Executive Director, Union Bank of India.
+1.jpg)
0 comments
Post a Comment