During the fortnight ending September 15, outstanding bank deposits fell significantly. Deposits contracted by Rs 2.59 lakh crore, while total outstanding deposits reached Rs 276.2 lakh crore. Credit growth also slowed to 18.1%, compared to 19.1% in August. The moderation in growth rates was influenced by not renewing high-cost bulk deposits. RBI data indicated substantial inflows into FCNR(B) deposits as a contributing factor.
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