Economy Reports News Details

Non Food Credit Grows At 15.3% On Year Says RBI

(01-Dec-23   11:38)

The Reserve Bank of India unveiled data on sectoral deployment of bank credit for the month of October 20231 collected from 41 select scheduled commercial banks, accounting for about 95 per cent of the total non-food credit deployed by all scheduled commercial banks yesterday. On a year-on-year (y-o-y) basis, non-food bank credit registered a growth of 15.3 per cent in October 2023 as compared with 18.3 per cent a year ago.

The central bank noted that credit growth to agriculture and allied activities improved to 17.5 per cent (y-o-y) in October 2023 from 13.8 per cent a year ago. Credit to industry grew by 5.4 per cent (y-o-y) in October 2023 as compared with 13.5 per cent in October 2022. Among major industries, credit growth (y-o-y) to ?basic metal & metal products?, ?food processing? and ?textiles? accelerated in October 2023 as compared with the corresponding month of the previous year, while that to ?all engineering?, ?chemicals and chemical products? and ?infrastructure? decelerated.

Credit to services sector grew by 20.1 per cent (y-o-y) in October 2023 as compared with 22.5 per cent a year ago with ?non-banking financial companies (NBFCs)? and ?trade? being the major contributors. Personal loans growth decelerated to 18.0 per cent (y-o-y) in October 2023 (20.5 per cent a year ago), due to moderation in credit growth to housing.

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