The slowing in credit offtake from the services sector was more pronounced as compared with loans disbursed to industries and households in the financial year 2011-12.
The dip in pace of credit disbursal was in line with the moderation of economic growth. Overall, GDP growth in April-December 2011 slowed to 6.9 per cent from 8.1 per cent in April-December 2010. Bank loans to the services sector grew 14.7 per cent in the year ended March 2012, against the 24 per cent growth of a year before, according to a Reserve Bank of India data.
Within the services sector, loans to shipping fell 3.2 per cent over the year. The credit growth in commercial real estate slowed in FY12 as against FY11. Bank loans to non-banking finance companies grew 26.3 per cent, down from 54.8 per cent in FY11.
Growth in personal loans also slowed from 17 per cent to 12 per cent. Within personal loans, those for purchasing consumer durables fell 13.4 per cent as against growth of 22.4 per cent a year before. Home loans grew 12 per cent against 15 per cent in 2010-11. Also, micro credit shrank 14.7 per cent as compared with growth of 23.4 per cent in the previous financial year.
The amount due on credit cards spending staged a robust recovery from a negative growth of 10.2 per cent in 2010-11 to a growth of 12.9 per cent.