FY'23 loan growth at 11 year high despite steep hike in lending rates
In FY'23, credit growth outweighed deposit growth at its highest rate in eleven years even as banks fully transmitted their lending rates linked to external benchmarks. This may not necessarily be linked to interest rates but rather economic activity, according to the RBI's monetary policy report. Moreover, an analysis of non-food credit and deposit data by the RBI showed that credit growth is supported by deposit growth.
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