Bank credit growth (y-o-y) increased by 15.3% net of the merger during 2023-24 as compared to 15.8% rise in the previous financial year.
Bank branches in rural, semi-urban and urban areas recorded similar or higher credit growth (y-o-y) vis-à-vis 2022-23, even as metropolitan branches witnessed some growth moderation; all population groups and bank groups, however, maintained double-digit loan growth.
The Reserve Bank released the web publication ‘Basic Statistical Return on Credit by Scheduled Commercial Banks (SCBs) in India – March 2024’ on its ‘Database on Indian Economy’ (DBIE) portal.
The report notes that the share of women borrowers in the banking system has been rising gradually: they accounted for 33.6% of loan accounts and 23.4% of bank loans to individuals in March 2024.
The share of personal loans in total bank credit, which has been consistently rising, stood at 30.4% in March 2024 whereas the corresponding share of the industry declined to 23.2%.
Private sector banks recorded over 15% growth for the third consecutive year – their share in total credit by SCBs rose to 40.6% in March 2024 from 33.4% five years ago and 19.4% ten years ago; the corresponding share of public sector banks declined to 51.8% from 73.2% ten years ago.
