Bank credit grows 7% by mid-November: RBI data

Reflecting the steady pace of banking business, the credit rose by 6.97 per cent in 12 months ended November 19, 2021, according to Reserve Bank of India data.

The outstanding credit of commercial banks stood at Rs 111.62 trillion, up from Rs 10.4.34 trillion a year ago. The year-on-year growth in loans was 7.1 per cent in 12 months ended November 15, 2021. Bankers said this was the first fortnight after the peak of festival season.

Yet credit off-take has not shown stickiness. Besides, economic upturn, banks credit outreach across branch network over last months has helped to maintain momentum.