Economy - Reports
Bank credit growth moderates to 12.6% in Sep-24 compared to 15.3% in Mar-24 As on : 26-Nov-24  17:31

The Reserve Bank released its web publication entitled ‘Quarterly Basic Statistical Returns (BSR)-1: Outstanding Credit of Scheduled Commercial Banks (SCBs) - September 2024 today. It noted that Bank credit growth (y-o-y) moderated to 12.6 per cent in September 2024 from 15.3 per cent, net of merger, in March 2024; metropolitan branches of banks, which accounted for 60.6 per cent of loans, recorded lower growth of 11.6 per cent.

Agriculture, industry, housing and personal (non-housing) loans had 11.5 per cent, 23.7 per cent, 16.5 per cent and 14.9 per cent shares, respectively, in credit by non-RRB SCBs; they recorded 13.2 per cent, 10.4 per cent, 13.2 per cent and 17.5 per cent growth (y-o-y), respectively.

Credit to private corporate sector exceeded the headline credit growth and stood at 16.5 per cent (y-o-y) in September 2024; working capital loans accelerated to 15.3 per cent from 14.1 per cent a year ago. The share of female borrowers’ loans to individuals has been rising gradually and it stood at 23.6 per cent in September 2024.

RBI stated that Public sector banks (PSBs) and private sector banks (PVBs) which have 53.2 per cent and 41.8 per cent shares, respectively, in credit by non-RRB SCBs, recorded 13.0 per cent and 11.9 per cent increase (y-o-y), respectively, in September 2024.

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