Credit, Deposits, Month by Month

How to read this. Bank credit is the total loans and advances of India's scheduled commercial banks; aggregate deposits are what households and firms have parked with them — both month-end outstanding, here in ₹ lakh crore. Credit growth leads investment and consumption, so it tends to turn before GDP does. The credit–deposit ratio (credit ÷ deposits) shows how hard banks are lending against what they hold — a rising ratio means loans are outrunning deposits. "Growth" is the year-on-year change. The step-up around July 2023 is the HDFC–HDFC Bank merger, which moved a large loan book onto bank balance sheets overnight and lifts credit growth for the twelve months after — read that window (shaded) with care. The latest month is provisional.