Mumbai, April 2: Bank deposits grew by 14.64 per cent year-on-year to Rs 7,739,387 crore as on March 21, higher than credit growth, according to the RBI data.
Deposits at commercial banks stood at Rs 6,750,454 crore during the same period last year, according to the RBI fortnightly data.
Bank credit grew at 14.31 per cent year-on-year to Rs 6,013,085 crore as on March 21, as against Rs 5,260,459 crore in the same period last year.
The RBI’s estimate of the credit growth for the current fiscal, 2013-14, is 15 per cent, while for deposits it is 14 per cent.
During the period, the time deposit grew 15.28 per cent at Rs 7,018,585 crore as against Rs 6,088,155 crore in the same period last year.
Demand deposit rose 8.83 per cent to Rs 7,20,800 crore from Rs 6,62,299 crore in the year ago period.