Bank credit to industry expanded by 17.6% in September
28 October 2013
The flow of bank credit to industry increased by a healthy 17.6 per cent in September 2013, against an increase of 17.0 per cent recorded September 2012.
Credit flows accelerated across major industry sub-sectors, barring engineering, construction, glass and glassware and mining and quarrying, latest Reserve Bank data released on Friday showed.
"Acceleration in credit growth to industry was observed in all the major sub-sectors, barring engineering, construction, glass and glassware and mining and quarrying," the RBI said.
Overall non-food credit of banks increased by 18.2 per cent in September, against an increase of 15.9 per cent in September last year, according to the RBI data.
Agricultural credit, however, rose at a slow pace of 13.2 per cent in September, compared with an increase of 19.6 per cent in September 2012, according to the sectoral deployment of bank credit released by the RBI.
Bank loans to the service sector increased by 22.1 per cent in September compared with 14.4 per cent in September 2012.
Credit to non-banking financial companies (NBFCs) increased at a slower pace of 26.6 per cent in September 2013 against the increase of 28.4 per cent in September 2012.
Personal loans increased by 17.9 per cent in September 2013 against the increase of 13.0 per cent in September 2012.
The estimates are based on data on sectoral deployment of credit collected from select 47 scheduled commercial banks for September 2013.
These banks together account for about 95 per cent of the total non-food credit deployed by all scheduled commercial banks during September 2013, RBI said in a release.