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The year-on-year bank credit growth in India accelerated gradually in 2021-22 from 5.3 per cent in April 2021 to 9.2 per cent as on December 31, 2021, according to Economic Survey tabled in the parliament on Monday.
The Survey, presented by Finance Minister Nirmala Sitharman, said it was an exceptional year for the capital markets. "Rs. 89,066 crore was raised via 75 Initial Public Offering (IPO) issues in April-November 2021, which is much higher than in any year in the last decade. Sensex and Nifty scaled up to touch peak at 61,766 and 18,477 on October 18, 2021. Among major emerging market economies, Indian markets outperformed peers in April-December 2021," the Survey said. It said the Survey said liquidity in the system remained in surplus and Repo rate was maintained at 4 per cent in 2021-22. RBI undertook various measures such as G-Sec Acquisition Programme and Special Long-Term Repo Operations to provide further liquidity. "The economic shock of the pandemic has been weathered well by the commercial banking system. YoY Bank credit growth accelerated gradually in 2021-22 from 5.3 per cent in April 2021 to 9.2 per cent as on t December 31, 2021. The Gross Non-Performing Advances ratio of Scheduled Commercial Banks (SCBs) declined from 11.2 per cent at the end of 2017-18 to 6.9 per cent at the end of September, 2021," the survey said. The Survey said the net non-performing advances ratio declined from 6 percent to 2.2 per cent during the same period. "Capital to risk-weighted asset ratio of SCBs continued to increase from 13 per cent in 2013-14 to 16.54 per cent at the end of September 2021. The Return on Assets and Return on Equity for Public Sector Banks continued to be positive for the period ending September 2021," the Survey said. (ANI)
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