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.[caption id=“attachment_2443518” align=“alignleft” width=“380”] Representational image. AFP[/caption] 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