Bank lending as well as deposits pick up by over Rs lakh crore during Diwali fortnight
Bank loans rose Rs 1.19 lakh crore during the fortnight ended November 2021 to Rs 111.63 lakh crore. This translates into year-on-year growth rate of 7.14 per cent compared to 6.8 per cent in the previous fortnight. Bulk of the loan demand is , bulk of which is expected to be in the retail space as consumers spent a a record Rs 1.25 lakh crore this Diwali according to data by Confederation of All India Traders.
IOB lowers yearly profit to Rs 646 cr on asset classification divergenceWhile the bank reported Gross Non-Performing Assets (GNPAs) at Rs 16,323 crore in FY21, the Reserve Bank assessed it at Rs 17,023 crore, leading to a divergence of Rs 700 crore in gross bad loans.
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