Banks in India report 22.8 per cent growth in February credit flows

02 Apr 2011

1

Bank credit comprising loans and advances to the productive sectors of the economy, except perhaps the agriculture sector, grew at a faster pace of 22.8 per cent in February 2011 against a 15.9 per cent growth recorded in February last year.

During the current financial year, up to February 2011, non-food gross bank credit grew 16.8 per cent against 11.1 per cent during the corresponding period of the previous year.

All major sectors, except agriculture, recorded accelerated credit growth in February 2011, both on an year-on-year basis and financial year basis, data released by the Reserve Bank of India showed.

Credit to industry grew 26.5 per cent (y-o-y) in February 2011 compared with an increase of 20.1 per cent in the previous year.

The flow of credit to industry was more visible in sectors such as infrastructure, metals, engineering, food processing, rubber, plastics and plastic products and cement and cement products.

On a financial year basis (up to February 2011), credit flow to industry grew 20.4 per cent against 18.4 per cent during the corresponding period of the previous year.

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