FY22 ends with bank credit growth of 8.6%; retail, agri mainstay

Backed by the retail and farming segments, bank credit clocked an 8.6 per cent growth rate in FY22, up from 5.6 per cent in FY21, according to the Reserve Bank of India (RBI) data.

FY22 saw the adverse effects of the pandemic until September 2021, followed by a turnaround in credit, especially to industry and retail, from October.

Credit growth on a year-on-year basis hovered between 5.5 and 6.7 per cent in the first half of the fiscal year and rose thereafter.

The RBI data shows banks gave loans of Rs 9.41 trillion in FY22. Of this, Rs 1.78 trillion came in the