Recent data has shown that the credit in the bank has increased this year. it is being noticed that the credit has went up 11% in last one year. Although from the March to september this year the credit slipped down but now the credit has surged to double digits from 9.72 per cent recorded at the end of September 19.
The RBI data has stated that the credit has increased from Rs 56,50,107 crore a year ago to Rs 62,69,007 crore. Banks are introducing new schems, exckusive offers to increase the credit growth. the festive is the great opportunity to attarct maximum customers that will help to increase the credit growth.
Apart from discounts, banks have also increased tie-ups with retailers to boost credit card growth. Deposits, on the other hand, grew by 13 per cent to Rs 82,89,310 crore at the end of October 3 as compared to a year ago.