Bank Credit to Industry Soars 10.2% in July: RBI
By Rediff Money Desk, Mumbai Aug 30, 2024 19:38
Bank credit to industry surged to 10.2% in July 2024, driven by growth in chemicals, food processing, and infrastructure sectors. Agriculture credit also remained strong, while credit to services sector moderated.
![Bank Credit to Industry Soars 10.2% in July: RBI](https://im.rediff.com/money/2021/sep/21loans.jpg)
Illustration: Dominic Xavier/Rediff.com
Mumbai, Aug 30 (PTI) Bank credit to industry strengthened significantly at 10.2 per cent in July 2024 compared with 4.6 per cent in the year-ago month, the Reserve Bank said on Friday.
Credit to agriculture and allied activities remained robust, registering a growth of 18.1 per cent (y-o-y) in July 2024, compared with 16.7 per cent a year ago, according to the RBI's data on sectoral deployment of bank credit for July.
Among major industries, credit to chemicals and chemical products', food processing', petroleum, coal products and nuclear fuels' and infrastructure' recorded a higher growth in July 2024 as compared to a year ago, while credit to basic metal and metal product', and textiles' moderated.
RBI further said credit growth to services sector moderated to 15.4 per cent in July 2024 from 19.7 per cent a year ago, primarily due to relatively lower credit growth in non-banking financial companies' and trade' segments.
Growth in advances in commercial real estate', tourism, hotels and restaurants' and computer software' accelerated during July 2024.
RBI further said personal loan growth was lower at 17.8 per cent in July 2024 as compared to 18.4 per cent a year ago, largely due to moderation in growth recorded in other personal loans' and vehicle loans'.
However, credit growth to housing', the largest constituent of the segment, accelerated, it added.
Data on sectoral deployment of bank credit for July 2024 has been collected from 41 select commercial banks, accounting for about 95 per cent of the total non-food credit deployed by all banks.
Credit to agriculture and allied activities remained robust, registering a growth of 18.1 per cent (y-o-y) in July 2024, compared with 16.7 per cent a year ago, according to the RBI's data on sectoral deployment of bank credit for July.
Among major industries, credit to chemicals and chemical products', food processing', petroleum, coal products and nuclear fuels' and infrastructure' recorded a higher growth in July 2024 as compared to a year ago, while credit to basic metal and metal product', and textiles' moderated.
RBI further said credit growth to services sector moderated to 15.4 per cent in July 2024 from 19.7 per cent a year ago, primarily due to relatively lower credit growth in non-banking financial companies' and trade' segments.
Growth in advances in commercial real estate', tourism, hotels and restaurants' and computer software' accelerated during July 2024.
RBI further said personal loan growth was lower at 17.8 per cent in July 2024 as compared to 18.4 per cent a year ago, largely due to moderation in growth recorded in other personal loans' and vehicle loans'.
However, credit growth to housing', the largest constituent of the segment, accelerated, it added.
Data on sectoral deployment of bank credit for July 2024 has been collected from 41 select commercial banks, accounting for about 95 per cent of the total non-food credit deployed by all banks.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 15.63 ( -4.17)
- 51716103
- Srestha Finvest
- 1.94 ( -1.02)
- 39556969
- Inventure Growth & S
- 2.47 ( -19.81)
- 31916723
- Genpharmasec Ltd
- 3.51 ( -4.88)
- 21009955
- GTL Infrastructure
- 2.68 ( -0.37)
- 16825789
MORE NEWS
![Google to Explore...](https://im.rediff.com/80-80/money/2024/may/24may-pixel.jpg)
Google to Explore Pixel 8 Manufacturing, AI...
Google signs MoU with Tamil Nadu government to explore Pixel 8 manufacturing, AI skill...
![Assam Govt...](https://im.rediff.com/80-80/money/2019/jan/31tea.jpg)
Assam Govt Focuses on Tea Quality, Urges...
Assam Chief Secretary calls for prioritizing quality over quantity in tea production,...
Mumbai Property Registrations to Rise 7% in August
Property registrations in Mumbai's municipal region are expected to increase by 7% in...