Industry Credit Decelerates To 5.4% In October: RBI Data
Bank credit to industry has decelerated to 5.4 per cent in October as compared to 13.5 per cent in the previous month, recent Reserve Bank(RBI) data revealed on Thursday. The data also released by the RBI also stated that credit growth to agriculture and allied activities has improved to 17.5 per cent year-on-year(YoY) in October 2023 from 13.8 per cent a year ago.
Among major industries, credit growth at YoY to food processing, basic metal & metal products and textiles accelerated in October 2023, while that to all chemicals and chemical products , engineering and infrastructure decelerated.
Advances to the services sector has grown by 20.1 per cent (y-o-y) in October 2023 compared to 22.5 per cent in the previous year, with non-banking financial companies (NBFCs) and trade being the major contributors.
Further, personal loan growth has decelerated to 18 per cent annually in October 2023 against 20.5 per cent a year ago.
Non-food bank credit has registered a growth of 15.3 per cent in October 2023 compared to 18.3 per cent compared to the corresponding period year ago.
RBI data reflects that on sectoral deployment of bank credit for October 2023 is collected from 41 select banks, accounting for around 95 per cent of the total non-food credit deployed by all commercial banks.
