Personal loans growth moderated to 16.9 per cent (y-o-y) in August 2024 as compared to 18.3 per cent a year ago
FinTech BizNews Service
Mumbai, September 30, 2024: Data on sectoral deployment of bank credit for the month of August 20241 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, are set out in Statements I and II.
On a year-on-year (y-o-y) basis, the growth in non-food bank credit2 in August 20243 remained at 15.0 per cent, the same level as recorded a year ago.
Highlights of the sectoral deployment of bank credit3 are given below:
Credit to agriculture and allied activities continued to be robust with the growth of 17.7 per cent (y-o-y) in August 2024, compared with 16.5 per cent during August 2023.
Credit growth to industry strengthened at 9.8 per cent (y-o-y) in August 2024 compared with 5.3 per cent in August 2023. Among major industries, credit to ‘chemicals and chemical products’, ‘food processing’, ‘petroleum, coal products and nuclear fuels’ and ‘infrastructure’ recorded a higher growth in August 2024 as compared to their respective growth rates a year ago, while credit growth to ‘basic metal and metal product’, and ‘textiles’ moderated.
Credit growth to services sector decelerated to 15.6 per cent (y-o-y) in August 2024 from 21.0 per cent a year ago, primarily due to relatively lower credit growth in ‘non-banking financial companies (NBFCs)’ and ‘trade’ segments. Credit growth (y-o-y) in ‘commercial real estate’ and ‘computer software’ accelerated during August 2024.
Personal loans growth moderated to 16.9 per cent (y-o-y) in August 2024 as compared to 18.3 per cent a year ago, largely due to decline in growth recorded in ‘other personal loans’ and ‘vehicle loans’.
