Economy - Reports
Credit growth to industry at 8% in October 2024 compared with 4.8% a year ago As on : 30-Nov-24  12:43

RBI released data on sectoral deployment of bank credit for the month of October 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. On a year-on-year (y-o-y) basis, non-food bank credit in October 20243 grew at 12.8 per cent, as compared to 15.5 per cent a year ago.

Credit to agriculture and allied activities registered a growth of 15.5 per cent (y-o-y) in October 2024, compared with 17.4 per cent seen in the same month of last year.

Credit growth to industry was at 8.0 per cent (y-o-y) in October 2024 compared with 4.8 per cent a year ago. Among major industries, credit to ‘chemicals and chemical products’, ‘petroleum, coal products and nuclear fuels’, and ‘all engineering’ recorded a higher growth in October 2024 as compared to their respective growth rates a year ago.

Credit growth to services sector was at 14.1 per cent (y-o-y) in October 2024 (20.4 per cent a year ago), primarily due to lower growth in credit to ‘non-banking financial companies’ (NBFCs) and trade segment. However, credit growth (y-o-y) to ‘commercial real estate’ accelerated in October 2024.

Personal loans growth registered 15.8 per cent (y-o-y) in October 2024 as compared with 18.0 per cent a year ago, largely due to decline in growth in ‘other personal loans’, ‘vehicle loans’ and ‘credit card outstanding’. However, ‘housing’ – the largest constituent of this segment – recorded accelerated growth (y-o-y).

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