Bank lending expanded by over Rs one trillion in Sept: Soumya Kanti Ghosh

Overall credit that month was Rs 71,500 cr from a negative Rs 36,000 cr in August. Hence, effectively credit jumped by Rs 1.07 trillion in Sept, says SBI's chief economic advisor

Credit growth to industry was 'nil' in September, but banks stepped up their lending to the micro-small and medium enterprises, while depending largely upon services for their loan book growth, according to data released by the Reserve Bank of India (RBI) data showed on Thursday.

Growth in credit to industry, which was nil in September, had grown at 2.7 per cent YoY in September 2019. Credit to ‘medium’ enterprises expanded by 14.5 per cent.

Analysing the data, State Bank of India (SBI) group chief economic advisor Soumya Kanti Ghosh said on a month-on-month basis, September actually saw a huge amount