RBI data shows sharp pickup in industry, services credit
image for illustrative purpose
Mumbai: Bank credit to industry grew at a faster pace of 13.5 per cent year-on-year in the fortnight ended February 28, up from 7.5 per cent in the year-ago period, according to data released by the Reserve Bank of India (RBI).
The growth was driven by higher lending to sectors such as infrastructure, all engineering, chemicals and chemical products, petroleum, coal products and nuclear fuels, and textiles.
The RBI’s sectoral deployment data, based on 41 scheduled commercial banks accounting for about 95 per cent of total non-food credit, showed overall non-food credit rising 14.3 per cent year-on-year, compared with 11.1 per cent a year earlier.
Within industry, loans to micro and small as well as medium enterprises continued to record double-digit growth, while credit to large industries also picked up.
