Synopsis:
- Credit and deposits are now growing in line with each other after deposit growth surpassed credit offtake for the first time in 30 months last fortnight. Additionally, when comparing growth rates with December 2023, deposit growth has continued to outpace credit offtake.
- Credit offtake increased by 9.3% compared to December 2023, reaching Rs 174.4 lakh crores as of November 01, 2024. The growth slowdown compared to last year can be attributed to a higher base effect due to the merger and RBI measures such as higher risk weights and the proposed LCR norms.
- Deposits rose at 9.8% compared to December 2023, reaching Rs 220.4 lakh crore as of November 01, 2024. This growth can be attributed to rising term deposit rates of Scheduled Commercial Banks (SCBs).
- The Short-term Weighted Average Call Rate (WACR) has decreased to 6.50% as of November 01, 2024, compared to 6.77% as of November 10, 2023, indicative of surplus liquidity.
