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Customers, especially in the retail segment, could be having a feel of the future run expected in interest rates, and might be front loading their purchases, according to State Bank of India’s economic research report ‘Ecowrap’. This could give a fillip to consumer demand in select niche areas in the days to come, it added.
The provisional data of All Scheduled Commercial Banks (ASCBs) relating to first three fortnights of FY23 indicates that there was a growth of ₹1.55-lakh crore in credit (against a degrowth of ₹79,503 crore in the year ago period). Further, there was a growth of ₹2.30-lakh crore in deposits (₹1.03-lakh crore).
Positive ‘fortnights’
Interestingly, this is the first time in the last five years that during the first 3-fortnights credit growth has remained positive, which usually remains negative, said Soumya Kanti Ghosh, Group Chief Economic Adviser, SBI. It observed that the sector-wise data for April indicate that credit offtake has happened in almost all sectors.
Personal loans segment continued to perform well, registering acceleration in growth to 14.7 per cent in April 2022 (against 12.1 per cent in April 2021) and contributes around 90 per cent of the incremental credit during the month, primarily driven by ‘housing’, ‘vehicle loans’ and ‘other personal loans’ segments, as per the report.
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