Private sector Banks see 15.1% growth

“Development in loaning by public sector banks (PSBs) improved essentially to 7.8 percent in March 2022 from 3.6 percent a year prior,” the RBI said in its ‘Quarterly Statistics on Deposits and Credit of SCBs’. Confidential banks have been bringing their piece of the pie up in the complete banking business over the most recent couple of years. It said bank credit development rose consistently over the progressive quarters of FY22 and moved to double digits in March 2022. Credit development of the banking sector improved to 11.9 percent as of May 6. 

“Metropolitan centres, which constitute a dominant share in total bank credit of s, recorded 9.7 percent credit development (year-on-year) in March 2022 (1.7 percent a year prior); credit growth in urban, semi-urban, and rural centres stayed in double digits in all quarters of 2021-22,” it said. 

However, aggregate deposits directed to 10.2 percent in March 2022 (12.3 percent a year prior). The deceleration in deposit growth was seen across all bank groups, the RBI said.