Bank lending to industry strengthened significantly to 10.2 per cent in July 2024, compared with 4.6 per cent in the same month last year, the Reserve Bank said on Friday.
Credit to agriculture and related activities remained robust, registering a growth of 18.1 percent (year-on-year) in July 2024, compared with 16.7 percent a year ago, according to the Reserve Bank of IndiaData on the sectoral deployment of bank credit for July.
Among major industries, credit to chemicals and chemical products, food processing, petroleum, coal products and nuclear fuels, and infrastructure recorded higher growth in July 2024 compared with last year, while credit to base metals and metal products and textiles moderated.
Reserve Bank of India It further said credit growth to the services sector moderated to 15.4 percent in July 2024 from 19.7 percent a year ago, mainly due to relatively lower credit growth in the non-banking financial enterprises and trade segments.
Growth in commercial real estate, tourism, hotels and restaurants, and computer software accelerated through July 2024.
Reserve Bank of India Additionally, it said personal loan growth was lower at 17.8 percent in July 2024 compared with 18.4 percent a year ago, largely due to moderation in growth in other personal loans and vehicle loans.
However, growth in housing credit, the largest component of the segment, accelerated, he added.
Data on sectoral deployment of bank credit for July 2024 has been collected from 41 selected commercial banks, accounting for about 95 percent of total non-food credit deployed by all banks.
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