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Tag: deposits

Bank credit up 6.74% to Rs 102.69 lakh crore; deposits rise 9.82%

Bank credit up 6.74% to Rs 102.69 lakh crore; deposits rise 9.82%

Finance
MUMBAI: Bank credit and deposits grew by 6.74 per cent and 9.82 per cent to Rs 102.69 lakh crore and Rs 137.11 lakh crore in the fortnight ended April 24, latest data from the RBI showed. In the year-ago fortnight, bank loans had stood at Rs 96.20 lakh crore and deposits at Rs 124.83 lakh crore. In the previous fortnight which ended on April 10, 2020, bank credit had grown by 7.20 per cent and deposits by 9.45 per cent. In the fiscal ended March 31, 2020, bank loans had decelerated to 6.14 per cent, a near five-decade low, due to slower economic growth, lower demand and as banks remained risk averse. Loan growth in FY20 was the slowest since the fiscal ended March 31, 1962, when it had increased by 5.38 per cent. During FY20, bank deposits grew by 7.93 per cent to Rs 135.71 lakh crore ...
Government mulls raising insurance cover on bank deposits to above Rs 1 lakh: Nirmala Sitharaman

Government mulls raising insurance cover on bank deposits to above Rs 1 lakh: Nirmala Sitharaman

Finance
NEW DELHI: Finance Minister Nirmala Sitharaman on Friday said the government will bring legislations on raising insurance cover on bank deposits from the current Rs 1 lakh and regulating multi-state cooperative banks amidst a crisis in PMC Bank affecting lakhs of depositors. These legislations will be brought during the Winter Session of Parliament starting Monday, the minister told reporters here. "Work is on and we shall go to the Cabinet for approval to introduce a legislation in winter session. The legislation will amend the necessary Acts and the laws to make sure that banking functions undertaken by cooperatives sector will be brought under the Banking Regulation Act for complying with prudential norms," she said. Unless the prudential norms are applied, many of the things that are e...
Bank credit growth slows to 10.24%, deposits at 9.73%

Bank credit growth slows to 10.24%, deposits at 9.73%

Finance
MUMBAI: Bank credit and deposits growth slowed to 10.24 percent and 9.73 percent to Rs 96.80 lakh crore and Rs 127.80 lakh crore, respectively, in the fortnight to August 30, show the latest RBI data. In the year-ago fortnight, advances were at Rs 87.80 lakh crore while deposits stood at Rs 116.46 lakh crore. In the previous fortnight to August 16, advances grew 11.64 percent to Rs 96.82 lakh crore and deposits by 10.15 percent to Rs 126.80 lakh crore. In July, the non-food bank credit rose 11.4 percent on year-on-year basis from 10.6 percent in July 2018. Advances to the services sector decelerated to 15.2 percent in the month from 23 percent in the year-ago month. Credit to agriculture & allied activities rose 6.8 percent compared with an increase of 6.6 percent in the same month las...
Cave deposits suggest Earth experienced dramatic sea level rise 4 million years ago

Cave deposits suggest Earth experienced dramatic sea level rise 4 million years ago

Science
Aug. 30 (UPI) -- Scientists have discovered ancient deposits in the Artà Cave on the island of Mallorca that suggest sea levels 3.5 to 4 million years ago were more than 50 feet higher than they are today. Analysis of the speleothems, or cave formations, could help scientists more accurately predict how modern climate change will influence sea level rise in the decades ahead. To predict how melting ice sheets will affect sea levels across the globe, scientists need historic benchmarks. Mineral deposits in the Artà Cave have provided just that. "Constraining models for sea-level rise due to increased warming critically depends on actual measurements of past sea level," Victor Polyak, research scientist at the University of New Mexico, said in a news release. "This study provides very robu