Outstanding loans fell 306.86 billion rupees ($4.32 billion) to 100.06 trillion rupees.
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Indian banks' loans rose 7.2% in the two weeks to Jan. 17 from a year earlier, while deposits rose 9.5%, the Reserve Bank of India's (RBI) weekly statistical supplement showed on Friday.
Non-food credit fell 292.85 billion rupees to 99.23 trillion rupees, while food credit fell 14.01 billion rupees to 821.01 billion rupees.
Bank deposits fell 838.93 billion rupees to 131.26 trillion rupees.