Non-food credit growth slumped to its lowest level in a decade, rising just 9.81% y-o-y to R60,36,568 crore for the fortnight ended September 5.In the fortnight ended February 6, 2004, non-food credit had grown at 9.5%. Meanwhile, deposits grew 13.77% y-o-y to R81,32,714 crore. On Tuesday, State Bank of India dropped deposit rates for longer-term deposits by 25 bps. SBI chairman Arundhati Bhattacharya said demand for loans was muted while liquidity was ample. IDBI Bank CMD MS Raghavan said: “As we have been saying, growth is yet to pick up as projects that were cleared around two years back are now coming into action. However, we could see some positive signs at the fag end of the fiscal.”

Source - http://www.financialexpress.com