Data released by the Reserve Bank of India has revealed that personal loan growth decelerated to 18.2% year-on-year in September 2023 (as compared to 19.4% a year ago.) The decline has been attributed to moderation in credit growth to housing.
Credit growth to agriculture and allied activities improved to 16.8% (y-o-y) in September 2023 from 13.4% a year ago.
Credit to industry grew by 6.5% as compared to 12.6% in September 2022. Among major industries, credit to basic metal and metal products, food processing and textiles accelerated while that to all engineering, chemicals and chemical products and infrastructure decelerated.
Credit to services sector grew by 21.3% from 20.2% a year ago with non-banking financial companies (NBFCs) and trade being the major contributors.
