Bank credit growth slows down to 17.2% in July 2012
Mumbai: Bank credit to the industry stood at Rs 19.68 lakh crore in July 2012, up 17.2 percent from the same month a year ago, RBI data showed Friday.
However, the pace of credit growth in July 2012 decelerated from the 21.2 percent rise logged in July 2011.
"Deceleration in credit growth to industry was observed in all the major sub-sectors, barring petroleum, coal products and nuclear fuels, chemical and chemical products, glass and glassware, engineering and construction," Reserve Bank (RBI) data on Sectoral Deployment of Bank Credit showed.
Bank credit to the textile sector stood at Rs 1.56 lakh crore, up 7.5 percent. The credit to textile sector grew by 18.1 percent in the same month a year ago.
Credit by banks to non-food, services sector, non-banking financial companies and personal loans segments also grew at a slower pace than a year ago, showed the data.
Non-food bank credit rose by 16.5 percent to Rs 43.42 lakh crore. The growth was lower than 18.9 percent in July, 2011.
Bank credit to services sector stood at Rs 10.43 lakh crore, up 15.3 percent in July 2012 versus growth of 21.2 percent last year.
Credit for personal loan rose by 14.9 percent to Rs 8.05 lakh crore. It grew at 15.5 percent a year ago.
However, bank credit to agriculture sector increased by 18.8 percent during the month at Rs 5.26 lakh crore. The credit growth was at 11.8 percent in July 2011.
Credit growth to NBFCs was 40.5 percent in July, lower than 54 percent growth in July 2011. Total credit to the sector in July, 2012 stood at Rs 2.43 lakh crore.