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CREDIT OFFTAKE CONTINUES TO GROW AT RATE OF 13.9 YOY
The Business Guardian
|August 04, 2024
The credit offtake continues to grow at the rate of 13.9 year-on-year to reach Rs. 168.1 lakh crore for the fortnight ending July 12, 2024, however, the pace of growth was slow, a Care Edge report said.
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Credit offtake is a type of bank credit that assists businesses in getting financing for future projects.
The credit offtake increased by 14.0 per cent year-on-year but declined by 0.4 per cent sequentially for the fortnight ended July 12, 2024.
Over the last twelve months, credit offtake expanded by Rs. 20.4 lakh crore. The report attributed the sluggishness to the higher base effect and banks' focus on restraining the credit-to-deposit (CD) ratio.
Deposits grew by 11.3 per cent year-on-year for the fortnight, including the impact of the HDFC merger, reaching Rs. 211.8 lakh crore, driven by growth in time deposits.
This story is from the August 04, 2024 edition of The Business Guardian.
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