Bank deposits grow 10 pc in Punjab; advances up only 0.03 pc

Chandigarh, Nov 19 () Bank deposits in Punjab grew about 10 per cent, while advances were up by just 0.03 per cent in September 30.

According to a report by the State Level Bankers' Committee, the banks' aggregate deposits rose Rs 36,575 crore to Rs 3,91,534 crore at the end of September 2019, posting a growth of 10.30 per cent.

However, gross credit in the state increased only Rs 69 crore to Rs 2,45,509 crore as on September 2019, recording a dismal growth of 0.03 per cent as against a rise of 12.52 per cent during the corresponding month a year ago, according to the report.

The credit expansion recorded negative growth in rural and semi-urban areas, while there was a 15 per cent growth in credit in urban areas.

The overall credit-deposit ratio of commercial banks in Punjab decreased from 69.15 per cent in September 2018 to 62.70 per cent in September this year, as per the report.

The agricultural advances in the state witnessed a decrease of Rs 299 crore to Rs 71,763 crore in September 2019 from Rs 72,063 crore a year ago.

Meanwhile, earlier during a meeting on Tuesday, Punjab Finance Minister Manpreet Singh Badal urged bankers to help farmers, especially small and marginal ones, to finance them for goat rearing, piggery and fisheries sectors in order to enhance their income. CHS HRS