Festive season retail demand, MSME drive bank loan growth in October

Credit offtake in services remains weak

Reflecting uptick in festive season demand, the bank retail credit covering housing, vehicle and credit cards etc grew by 11.7 per cent on year-on-year (YoY) basis in October 2021 up from 8.7 per cent in October 2021.

Reserve Bank of India data showed the YoY growth in housing loans was steady at 8.4 per cent in October 2021 as against 8.1 per cent a year ago. Vehicle loans rose by 8.4 per cent from 5.7 per cent during this period. The credit cards segment showed a sharp rise to 11.9 per cent in October 2021 from 5.9 per cent a