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Credit growth continues to be slow in 2013 amid economic downturn. Reserve Bank of India (RBI) data released on Tuesday shows that credit to industry increased by 13.7% in November as compared with the increase of 19.4% November 2012.
Deceleration in credit growth was observed in most sub-sectors barring rubber and plastic products, glass and glassware, vehicles, gems and jewellery and construction.
On a year-on-year (y-o-y) basis, non-food bank credit increased by 14.7% in November as compared with the increase of 17.6% in November 2012. Credit to agriculture and allied activities increased by 11.0% in November as compared with the increase of 21.1% in November 2012.
Meanwhile, credit to the services sector increased by 18.1% in November as compared with the increase of 12.7% in November 2012. Credit to Non Banking Financial Companies (NBFCs) increased by 15.9% in November as compared with the increase of 22.1% in November 2012.
Besides that personal loans increased by 15.2% in November as compared with the increase of 17.5% in November 2012.
