Growth in non-food credit offtake from banks was marginally higher at 19.8% in August this year, against 19.7% in the same month of last year, despite the high interest rate regime.
While the farm sector and industry reported lower credit offtake in August, 2011, vis-a-vis the same month of 2010, growth was higher in case of services and personal loans, as per the data released by the RBI.
Total outstanding non-food credit disbursement stood at Rs 37.59 lakh crore in August this year, up from Rs 31.39 lakh crore in the same month of the previous fiscal.
Credit offtake of all the sectors combined was Rs 26.23 lakh crore in August, 2009.
"On a year-on-year basis, non-food gross bank credit increased by 19.8% in August 2011 as compared with 19.7% in the previous year," RBI said.
RBI had earlier revised its non-food credit growth projection for this fiscal downward to 18% from the earlier estimate of 19%.
While revising the figure, it has taken into account the high interest rates prevailing in the economy. The apex bank has raised its key policy rates 12 times since March, 2010, in a bid to tame inflation, which is currently above 9%.
According to experts, the marginal rise in credit offtake is on account of the festive season which has led to an increase in personal borrowings.
Gross bank credit, which also includes food credit, grew by 20.2% in August on an annual basis, as against a growth of 19.3% in the same month of 2010.
This is on account of a massive 50.9% jump in food credit offtake during the month under review, as against a decline of 2.8% growth in August last year.
Food credit offtake stood at Rs 70,312 crore in August this year, compared to Rs 46,604 crore in August last year. Food credit offtake had stood at Rs 47,959 crore in August, 2009.
Last fiscal, non-food credit offtake increased by 21.5%, much above the RBI's projection of 20%.
As per the latest data, there was a moderate increase in the rate of growth of credit offtake from banks by the services sector.
"Credit to the services sector increased by 20.6% (year-on-year) in August 2011, up from 18.2% in the previous year," the RBI said.
The sector saw bank credit offtake rise to Rs 9.01 lakh crore in August this year from Rs 7.47 lakh crore in the corresponding month last year. In August, 2009, the figure was Rs 6.32 lakh crore.