Mumbai: Corona has had a huge impact on the country's economy, the same bank loan growth has declined for the second year in a year and has hit a low. It grew by just 5.56 percent in FY 2020-21, a 59-year low. This is the situation when the Government is giving incentives through a simple credit system to deal with the impact of corona. This was stated in the SBI Research report.

The total debt offtake in the same financial year 2020-21 was Rs. 109.51 lakh crore. The debt growth is lower than in 2019-20. At that time, the debt had registered a growth of 6.14 percent and was at a 58-year low. Earlier, the loan growth in FY 1961-62 was at a minimum of 5.38 percent. The government had announced an incentive package of Rs 20 lakh crore to tackle the threat of coronavirus which was 11 percent of gross domestic product (GDP).

Out of this, in fact, only about Rs.3 lakh crores were used as fiscal stimulus. The balance amount was in the form of loan assistance which did not affect the fiscal figures of the Government. However, deposits in banks increased by 11.4 percent to Rs 151.13 lakh crore in 2020-21 from 7.93 percent in 2019-20, SBI Research said, citing RBI data. According to a report by SBI Research, loans and deposits registered the best ever growth in fy 2007-08. While deposits increased by 22.4 percent at that time, debt offtake had increased by 22.3 percent.

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