India's bank credit grew 19.5 per cent year-on-year in the fortnight ended October 31, 2026, according to Reserve Bank of India (RBI) data released on Friday, November 13. Outstanding bank loans rose by Rs 4.40 lakh crore during the fortnight to Rs 231.82 lakh crore, accelerating from 18.2 per cent growth recorded in the previous fortnight ended October 15.

Source: Informist Media

Deposits grew more slowly. Aggregate deposits rose by Rs 3.75 lakh crore during the fortnight to Rs 282.51 lakh crore, up 16.9 per cent year-on-year compared with 16.7 per cent in the previous fortnight, the RBI's Scheduled Banks' Statement of Position showed. The gap between credit and deposit growth widened to about 2.68 percentage points, and credit growth stayed above 19 per cent for the fourth consecutive month-end.

19.5%Bank credit growth, year-on-year, Oct 31
Rs 231.82 lakh croreOutstanding bank credit
16.9%Deposit growth, year-on-year
Rs 282.51 lakh croreAggregate deposits

Bank investments grew 9.3 per cent year-on-year to Rs 75.28 lakh crore as on October 31, the data showed. Analysts cited by CareEdge Ratings linked the credit expansion to higher lending to non-banking financial companies, loans to small business units and lending against gold jewellery, alongside festive-season demand from households and businesses.

Source: RBI Scheduled Banks' Statement of Position via Indian Banking Radar

CareEdge Ratings has projected that bank credit growth will ease to about 15 to 16 per cent year-on-year by the end of March 2027. The figures cover scheduled commercial banks and describe aggregate system-wide lending; they do not mean every bank or every loan category grew at the same pace.