Loans to retail segment and industry saw decline in August: RBI

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Ahmedabad: In August 2023, the growth rate of bank credit in the retail sector has decreased to 18.3 percent. A year ago it had increased by 19.4 percent. It includes loans given on housing, vehicle and credit cards etc.

According to Reserve Bank of India data, housing loans accounted for the largest share of retail loans, which registered a year-on-year growth of 13.8 percent in August 2023, down from 16.3 percent growth in August 2022.

According to a Reserve Bank statement, the growth rate of loans to small, medium and large enterprises has also declined to 6.1 percent in August 2023, which was 11.4 percent in August 2022. In August 2023, the annual growth of credit to base metals and metal products and textiles increased in large industries compared to the same period last year.

Loans to chemicals and chemical industry, food processing and infrastructure have declined. In August 2023, the loan given to the service sector has increased by 20.7 percent year-on-year. A year ago it had increased by 17.2 percent.

Non-banking finance companies and commercial real estate play an important role in this growth. In August 2023, loans given to NBFCs increased by 25.8 percent, which was 25.5 percent a year ago. Loans on commercial real estate grew by 13.9 percent in August 2023, compared to just 4.8 percent a year ago.

Credit to agriculture and allied activities grew by 16.6 percent in August 2023, compared to 13.4 percent a year ago.


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