Credit growth of scheduled commercial banks tapers off in December

Credit growth of scheduled commercial banks tapered off in the second fortnight of December, which fell to 14.9 per cent year-on-year (YoY) from 17.4 per cent a fortnight ago. Year-on-year credit growth peaked for the fortnight ended October 7, 2022, when it hit 17.9 per cent.

Banks extended loans of almost Rs 1.5 trillion during the fortnight ended December 30. Deposit growth till December 30 was 9.2 per cent, slightly lower than 9.4 per cent recorded a fortnight ago, the latest data released by the Reserve Bank of India showed.