Banks non-food credit growth slows to 8.4% in Aug

Personal loans increased 17.3 percent in August, up from an expansion of 13.4 percent in the same month last year.

hidden October 01, 2015 20:38:48 IST
Banks non-food credit growth slows to 8.4% in Aug

Mumbai: Non-food credit growth of scheduled commercial banks slowed to 8.4 percent in August from 10.2 percent in the same period last year, RBI data showed.

Banks nonfood credit growth slows to 84 in Aug

Representational image. AFP

Personal loans increased 17.3 percent in August, up from an expansion of 13.4 percent in the same month last year.

Credit to agriculture and allied activities rose by 12.1 percent in the reporting month compared with an increase of 18.8 percent a year ago. Loans to industry grew 5 percent in the month, up from 7.8 percent.

"Deceleration in credit growth to industry was observed in all major sub-sectors barring basic metal, engineering, chemical & chemical products and gems & jewellery," the apex bank said.

Advances to the services sector rose 5.9 percent in the month under review from 8.3 percent last year, according to the data.

PTI

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

India’s medium-term growth to slow to 6.5% after initial rebound, says Fitch Ratings
Business

India’s medium-term growth to slow to 6.5% after initial rebound, says Fitch Ratings

As per the rating company, India's economy is now in a recovery phase that will be further supported by the rollout of vaccines in the next months

World Bank says Indian economy may contract by 9.6% in 2020-21, estimates severe income losses in informal sector
India

World Bank says Indian economy may contract by 9.6% in 2020-21, estimates severe income losses in informal sector

In the rest of South Asia, the economic impact of COVID-19 has been somewhat less severe but still significant. Economies that depend heavily on tourism and travel have been especially hard hit