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Credit growth to services sector accelerate to 19%

RBI data on sectoral deployment of bank credit for July 2023, collected from 40 select scheduled commercial banks, account for about 93% of the total non-food credit deployed by all scheduled commercial banks. On a year-on-year basis, non-food bank credit registered a growth of 14.8% in July 2023 as compared with 15.1% a year ago. Credit growth to agriculture and allied activities improved to 16.8% from 13.2% a year ago. Credit to industry registered a growth of 5.2% as compared with 10.5% in July 2022. Among major industries, credit growth to basic metal and metal products and textiles accelerated. Credit growth to ‘chemicals and chemical products’, ‘food processing’ and ‘infrastructure’ decelerated/contracted.

Credit growth to the services sector accelerated to 19.4% from 16.7% a year ago, primarily due to trade and commercial real estate. Personal loans registered a growth of 18.4%, supported by housing and vehicle loans.

PR Newswire

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