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Scheduled commercial banks (SCBs) reported a robust credit growth of 15.4 per cent in FY23 against 9.7 per cent in FY22, powered by growth in personal loans, and loans to services sector and agriculture and allied activities.
Personal loans registered a growth of 20.6 per cent in FY23 as compared with 12.6 per cent in the year ago period, primarily driven by ‘housing loans’, according to RBI data on sectoral deployment of bank credit.
RBI collected data from 40 select scheduled commercial banks.
Also read: Personal loans: What makes them popular among Indians?
Credit growth to services sector accelerated to 19.8 per cent in FY23 from 8.7 per cent in FY22, due to the improved credit offtake to ‘Non-Banking Financial Companies (NBFCs)’ and ‘trade’, per an RBI statement.
Credit to agriculture and allied activities rose by 15.4 per cent in FY23 compared with 9.9 per cent in the previous year.
However, credit to industry registered a growth of 5.7 per cent (7.5 per cent).
Size-wise, credit to large industry rose by 3 per cent in FY23 compared with 2 per cent in FY22.
Credit growth of medium industries was 19.6 per cent as against 54.4 per cent. Credit to micro and small industries registered a growth of 12.3 per cent (23 per cent in FY22).
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