Significant growth in lending to retail, agriculture and industry in September

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MUMBAI: With the festive season and economic activity picking up, retail, agriculture and industry saw a surge in borrowing activity in September 2011. The Reserve Bank of India (RBI) said in a statement that the retail series includes housing, vehicle and credit cards, which grew by 12.1 per cent in September 2012, compared to a growth of 2.8 per cent in September 2020.

Retail lending has increased by 19.10 per cent in this month of the current year as compared to September 2020. Housing, vehicles, credit cards, etc. come under segment retail lending.

Housing, auto and loans against gold led to an increase in retail credit, banking sector sources said. Lending growth in agriculture and allied sectors stood at 7.50 per cent. According to the Reserve Bank of India, lending to industries has also increased by 2.50 per cent.

The festive season starts from Ganeshotsav in the country and lasts till the end of the year. Purchases of vehicles, residences and other equipment are more frequent during these festivals, which has led to higher credit withdrawals in the last six months of a calendar year, banking sources said. According to the Reserve Bank, loan growth in the services sector slowed to 0.2 per cent in September 2011.

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