New Delhi: Bank credit growth outpaced deposit growth in mid-October, driven by seasonal festive demand, GST rate cuts and robust retail and MSME activity, according to a report on Tuesday.

Total credit off-take reached Rs 192.1 lakh crore (as of October 17), marking 11.5 per cent year-on-year increase, matching last year's growth rate, the report from Care Edge Ratings noted.

Additionally, strong vehicle financing during the festive season is expected to boost overall credit growth and growth was driven by interest from corporates due to rising bond yields, the ratings agency said.

Aggregate deposits reached Rs 238.8 lakh crore, reflecting a YoY increase of 9.5 per cent and a sequential decline of 1 per cent, over the previous fortnight, the report mentioned.

“The credit-to-deposit (

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