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| Also bank credit to housing rose around two times to Rs12,308 crore against Rs 6203 crore for the same period. |
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| The gross bank credit by banks saw a rise of 58.01 per cent rise in fiscal 2003 to Rs 84,678 crore from Rs 53,587 crore the previous fiscal. |
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| There has been a sharp acceleration in non-food credit, which has been driven by a surge in advances to medium and large industries and housing. |
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| In fiscal 2003, credit to housing was at 6.1 per cent of non-food gross bank credit, up from 4.6 per cent the previous fiscal. |
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| The central bank also pointed that banks have consistently exceeded the targets prescribed for providing housing loans during fiscal 2002 and also fiscal 2003. |
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| Banks had disbursed Rs 33,841 crore in fiscal 2003 against the minimum prescribed allocation of Rs 5,046 crore, while in fiscal 2002 against a minimum prescribed allocation of Rs 50,46 crore, banks had disbursed Rs 14,746 crore. |
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| Banks credit to priority sector had also increased by 36.9 per cent to Rs 28,540 crore in fiscal 2003 from Rs 20,845 crore the previous fiscal. |
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| The RBI added that the increase in credit was by and large spread across all the sectors. There had been a significant credit growth in electricity, cotton textiles, infrastructure and iron and steel. |
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| However, of the 26 industries, coal, engineering, tobacco products and sugar recorded a decline in fiscal 2003. |
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| Among the sensitive sectors, there has been a 38.3 per cent increase of bank credit to real estate to Rs 12, 464 crore, while there has been a decline of 18.75 per cent in the credit to the capital market to Rs 25,04 crore. |
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| According to the central bank, real estate lending by most bank groups have experienced moderate to significant increase on the back of banks offering retail housing credit. |
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