Non-food bank credit registered a robust growth of 16.1 per cent in April 2023 as compared with 11.4 per cent a year ago on the back of strong growth in credit to the services sector, personal segment, and agriculture and allied activities, per RBI data.
Credit growth to services sector accelerated to 21.6 per cent (y-o-y) in April 2023 from 11.2 per cent a year ago, primarily due to the improved credit offtake to ‘Non-Banking Financial Companies (NBFCs)’ and ‘trade’, according to data on sectoral deployment of bank credit for the month of April 2023.
Personal loans growth registered a growth of 19.4 per cent (y-o-y) in April 2023 vis-a-vis 14.4 per cent a year ago, mainly driven by ‘housing loans’ and ‘vehicle loans’.
Credit to agriculture and allied activities improved to 16.7 per cent (y-o-y) in April 2023 from 10.6 per cent a year ago.
Credit to industry registered a growth of 7 per cent (y-o-y) in April 2023 as compared with 8 per cent in April 2022.
Size-wise, credit to large industry rose by 5.3 per cent as compared with 1.3 per cent a year ago, RBI said in a statement.
Credit growth of medium industries decelerated to 19.1 per cent as against 53.7 per cent last year.
Credit growth to micro and small industries to decelerated to 9.7 per cent in April 2023 (29.8 per cent a year ago).