Bank Loans Increased By 14.2% In The June Quarter, Know The Reason Behind What RBI Told
RBI gave this information in the quarterly data on deposits and loans of public sector banks for June 2022 released on Thursday.
Bank credit grew by 14.2 percent year-on-year in the April-June quarter of the current financial year. This had increased by six percent during the same quarter of the previous financial year. According to the data of the Reserve Bank of India (RBI), in the last quarter of the last financial year, there was a growth of 10.8 percent in loans. RBI gave this information in the quarterly data on deposits and loans of public sector banks for June 2022 released on Thursday.
From where are the data collected?
These data are collected from all Scheduled Commercial Banks (SCBs). This includes Regional Rural Banks (RRBs), Small Finance Banks (SFBs), and Payments Banks (PBS). According to the data, credit growth has been broad-based. Double Digit Credit Growth during June 2022 across all population groups (rural, semi-urban, Sherin, and metropolitan), all groups of banks (public-private sector banks, foreign banks, RRBs and SFBs), and banks across all regions of the country have been recorded in.
The Reserve Bank said that during the last five quarters, the growth in total deposits has been in the range of 9.5 to 10.2 percent on a year-on-year basis. Apart from this, the share of current account and savings account deposits in total deposits has been increasing in the last three years (42 percent in June 2020, 43.8 percent in June 2021, and 44.5 percent in June 2022).
Apart from this, let us tell you that the Reserve Bank (RBI) lifted the ban on American Express Banking Corporation on Wednesday. Permission has been given to add new customers to the company's card network. At present this was banned and adding new customers was not allowed on the card. But after the removal of RBI restrictions, American Express Banking Corporation will be able to make cards for new customers. American Express was banned by the Reserve Bank due to disregard for the rules related to banking.
The Reserve Bank had imposed a ban against American Express Banking Corporation for ignoring the rules and non-compliance with the instructions related to the storage of payment system data. This restriction, which was in force from May 1 last year, was decided to be lifted on Wednesday, August 24.