Banks' loans rose 12.9 per cent in two weeks to August 17: RBI
Money
India had missed the 8 per cent mark earlier in the fourth quarter of FY16 when it recorded 7.9 per cent.
Banks' loans in the country rose 12.9 per cent in the two weeks to August 17 as compared to the last year, news agency Reuters reported.
Deposits, on the other hand, rose 8.3 per cent, as stated by the Reserve Bank of India on Friday.
According to reports, outstanding loans fell 36.00 billion rupees ($507.33 million) to 86.75 trillion rupees in the two weeks to August 17.
Non-food credit fell 85.30 billion rupees to 86.21 trillion rupees, while food credit rose 49.30 billion rupees to 541.60 billion rupees.
Bank deposits fell 719.00 billion rupees to 115.11 trillion rupees in the two weeks to August 17.
Meanwhile, India's GDP for the June quarter touched an impressive high of 8.2 per cent -- highest ever in two years.
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The GDP growth rate in the last quarter was 7.7 per cent while that in the first quarter of the previous financial year (2017-18) stood at 5.59 per cent.
India had missed the 8 per cent mark earlier in the fourth quarter of FY16 when it recorded 7.9 per cent.
The national currency, Rupee, on Friday slumped by 26 paise to close at a historic low of 71 level for the first time against the US dollar.
The currency also fell against the pound sterling to finish slightly lower at Rs 92.12/14 per pound.
Experts blame the slump on firming crude oil prices and strong month-end demand from oil importers.
(With inputs from agencies)