Mumbai: Indian banks' credit growth rate, for the first time this fiscal, slowed to single digit at 8.8 per cent to Rs 97.71 lakh crore during the fortnight to September 27, according to the Reserve Bank of India supplementary data. During the same period, deposits climbed 9.4 per cent.

Outstanding loans rose Rs 596.53 trillion ($8.40 billion) from a fortnight earlier to Rs 97.71 trillion as on September 27.

Non-food credit gained Rs 64.30 billion to Rs 97.11 trillion, while food credit fell Rs 46.51 billion to Rs 600.85 billion while bank deposits grew Rs 1.83 trillion to Rs 129.07 rupees in the two weeks ended September 27.

Throughout this fiscal so far, credit growth has been in the low-double-digit. This reflected severe economic crisis arising from both structural and cyclical issues and a massive fall in consumption demand.