RBI data: On a year-on-year basis, bank credit grew by 5.74 percent and deposits by 9.73

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Bank loans rose 5.74 percent to Rs 108.43 lakh crore on an annual basis in the fortnight ended June 4, 2021. Deposits rose 9.73 percent to Rs 153.13 lakh crore.

According to RBI data, bank loans in the fortnight ended June 5, 2020, a year ago, were Rs 102.55 lakh crore and deposits were Rs 139.55 lakh crore.

Earlier, bank loans had increased by 5.98 percent while deposits by 9.66 percent in the fortnight ended May 21, 2021.

According to central bank data, bank loans grew by 5.56 percent and deposits by 11.4 percent in the entire financial year 2020-21.

The Reserve Bank of India (RBI) has estimated that the second wave in the country could result in a loss of Rs 2 lakh crore in production during the current financial. year.

The loss of economic production may not have a direct link with GDP, but it points to a loss in value addition in the economy. Already, several agencies, including RBI, have lowered the growth projections for the financial year. The pace of immunization will determine the path of revival.

An article by RBI officials said that the speed and scale of covid-19 vaccination will chart the path of economic revival.

It also says that the economy has the necessary capacity and strength to overcome epidemics and already existing cyclical and structural barriers.

An article jointly written by Deputy Governor M D Patra and other officials in rbi's monthly magazine on the state of the economy says that as per the current assessment, only domestic demand has been affected by the
epidemic. Need to increase investment in logistics and research It says that vaccine will not eliminate the epidemic on its own.

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