Credit growth by banks in service sector slowed down to 6.50% in October

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Mumbai, Ta. November 30, 2019, Saturday

In October, the credit growth of banks' credit to the service sector slowed to 8.5 per cent annually. In October last year, the service sector saw a growth of 5% in banks' credit. Non-banking finance companies (NBFCs) have been impacted by growth in credit growth by banks.

Loans to non-bank lenders grew at an annualized rate of 5.5 percent in October, up from 8 percent in October last year, according to the Reserve Bank data. The growth in credit to the service sector was slow in September. In September, the credit growth rate for the service sector fell to 8.5 percent from 8 percent in October last year.

In addition, the growth rate of non-food credit growth in October stood at 8.5 per cent annually. The number of bank loans outstanding in the service sector stood at Rs 1.8 lakh crore in the fortnight ended October 1, compared to Rs 1.8 lakh crore in the fortnight of October 9.

After the IL&FS chapter that came out last year, it's time for the NBFC to tackle the financing. NBFCs have to turn to other sources of finance, with credit from banks slowing down. Banks have become very careful in financing

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