Bank deposits grow faster at 14.8% against credit growth of 13.8%

Total deposits of scheduled commercial bank in India grew 14.8 per cent year-on-year to Rs78,88,416 crore as of 2 May against a 13.8 per cent growth in bank credit to Rs68,68,811 crore during the same period last year, according to the RBI data.

Deposits of commercial banks stood at Rs68,68,811 crore during the same period last year, while bank credit stood at Rs53,29,812 crore during the same period last year, according to the RBI's fortnightly data.

During the period, time deposits with banks stood at Rs71,40,184 crore, showing a 14.71 per cent growth from Rs62,24,047 crore in the previous year.

Demand deposit rose 16.04 per cent to Rs7,48,231 crore from Rs6,44,764 crore in the year ago period.

On a fortnightly basis, deposits rose marginally by 0.23 per cent to Rs78,88,416 crore against Rs78,69,967 crore in the week ended 18 April 2014.

Credit growth was up at Rs60,67,459 crore from Rs60,36,083 crore.