Summary:
The banking business, including deposits and advances (loans), is slowing down in Gujarat, according to a recent report. Advances growth stood at 9.51 per cent, second lowest in five years. Similarly, total advances stood at Rs 5,90,664 crore, a rise of 9.51 per cent over Rs 5,39,392 crore in the previous fiscal. Total business mix of all the banks stood at Rs 12,87,914 crore, a rise of 7.17 per cent over Rs 12,01,786 crore in 2017-18. Another banker with a Public Sector Bank said that the drop in overall banking business indicates that the circulation of money in the economy and business turnover has slowed down..