Sectoral Deployment of Bank Credit – November 2023
FinTech BizNews Service
Mumbai, December 30, 2023: Data on sectoral deployment of bank credit for the month of November 20231 collected from 41 select scheduled commercial banks, accounting for about 95 per cent of the total non-food credit deployed by all scheduled commercial banks, are analysed with the observations:
On a year-on-year (y-o-y) basis, non-food bank credit registered a growth of 16.3 per cent in November 20233 as compared with 17.6 per cent a year ago.
Highlights of the sectoral deployment of bank credit are given below:
Credit growth to agriculture and allied activities accelerated to 18.2 per cent (y-o-y) in November 2023 from 14.0 per cent a year ago.
Credit to industry rose by 6.1 per cent (y-o-y) in November 2023 as compared with 13.0 per cent in November 2022. Among major industries, credit growth (y-o-y) to ‘basic metal & metal products’, ‘food processing’ and ‘textiles’ accelerated in November 2023 as compared with the corresponding month of the previous year, while that to ‘all engineering’, ‘chemicals & chemical products’ and ‘infrastructure’ decelerated.
Credit to services sector grew by 21.9 per cent (y-o-y) in November 2023 as compared with 21.3 per cent a year ago. Among major contributors, credit growth (y-o-y) to ‘non-banking financial companies (NBFCs)’ tapered down in November 2023.
Personal loans growth decelerated to 18.6 per cent (y-o-y) in November 2023 (19.9 per cent a year ago), due to moderation in credit growth to housing.
