Non-food bank credit growth decelerated to 5.8% in September


Mumbai: Non-food bank credit growth decelerated to 5.8 per cent in September 2020 from 8.1 per cent in the identical month of the earlier yr, in accordance to the RBI data. “Credit to industry recorded ‘nil’ growth in September 2020 as compared with 2.7 per cent growth in September 2019,” the information on Sectoral Deployment of Bank Credit – September 2020, launched by the Reserve Bank of India confirmed.

Within trade, credit to meals processing, petroleum, coal merchandise & nuclear fuels, leather-based & leather-based merchandise, wooden & wooden merchandise, and paper & paper merchandise registered accelerated growth in September 2020 as in contrast with the growth in the corresponding month of the earlier yr.

However, credit growth to beverage & tobacco, development, infrastructure, rubber plastic & their merchandise, chemical & chemical merchandise, glass & glassware and all engineering decelerated or contracted, RBI information stated.

Credit to agriculture and allied actions rose by 5.9 per cent through the reporting month as in contrast with a growth of seven per cent in the identical month of the final yr.

“Bucking the downtrend, credit growth to the services sector accelerated to 9.1 per cent in September 2020 from 7.3 per cent in September 2019,” it stated.

Within this sector, credit to pc software program, commerce and tourism, lodges & eating places registered accelerated growth in September 2020 vis-a-vis the growth in the corresponding month of the earlier yr.

Personal loans registered a growth of 9.2 per cent in the month as in contrast with 16.6 per cent growth in September 2019. Within this sector, car loans continued to carry out nicely, registering accelerated growth in September 2020 vis-a-vis the growth in the corresponding month of the earlier yr, the information confirmed.





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