1st time in FY20, credit expands in single digit

Times of India | Oct 12, 2019 at 1:40 AM
  • Reflecting the deepening economic crisis arising from both structural and cyclical issues and a massive fall in consumption demand, bank credit growth rate, for the first time this fiscal, slowed to single digit at 8.8% to Rs 97.71 lakh crore during the fortnight to September 27.
  • In the first fortnight of the fiscal ending April 12, the credit demand grew 14.2% after closing the previous fiscal at 13.2%.
  • On Thursday, global rating agency Moody’s slashed its GDP growth forecast to 5.8% from 6.2% earlier.