Banks non-food bank credit growth decelerated to 7.2 per cent in November 2019 from 13.8 per cent in November 2018, on a year-on-year (y-o-y) basis,according to the latest data from the Reserve Bank of India. Credit to agriculture & allied activities slowed down to 6.5 per cent in November 2019 from 7.7 per cent in November 2018. Credit growth to industry decelerated to 2.4 per cent in November 2019 from 4.0 per cent in November 2018. Within industry, credit growth to 'food processing', 'textiles', 'gems & jewellery', 'chemicals & chemicals products', 'infrastructure' and 'construction' decelerated/contracted. However, credit growth to 'rubber0, plastic & their product' and 'cement & cement products' accelerated. Credit growth to the services sector decelerated sharply to 4.8 per cent in November 2019 from 28.1 per cent in November 2018. Personal loans grew at a marginally lower rate of 16.4 per cent in November 2019 as compared with 17.2 per cent in November 2018.
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