Credit growth to industrial sector and services sector accelerates
The Reserve Bank of India's data on sectoral deployment of bank credit collected from select 41 scheduled commercial banks, accounting for about 90% of the total non-food credit deployed by all scheduled commercial banks, for the month of November 2018, showed 13.8% growth in the non-food bank credit in November 2018 as compared with an increase of 8.8% in November 2017.Credit to agriculture and allied activities increased by 7.7% in November 2018 as compared with an increase of 8.4% in November 2017. Credit to industry rose by 4.0% in November 2018 as compared with an increase of 1.0% in November 2017.
Within the industrial sector, the credit growth to infrastructure, chemical and chemical products, all engineering and vehicles, vehicle parts & transport equipment accelerated. However, credit growth to basic metal & metal product, textiles, food processing and gems & jewellery decelerated/contracted.
Credit to the services sector expanded by 28.1% in November 2018 as compared with 14.0% in November 2017. Personal loans increased by 17.2% in November 2018 as compared with 17.3% in November 2017.
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