Credit growth to industry slows to 15.2% in Jan
Mumbai: Bank credit to industry witnessed a slower growth at 15.2 percent in January as against 20.2 percent reported a year ago, pulling down the overall non- food credit growth to 14.6 percent for the month, RBI said on Tuesday.
"Deceleration in credit growth to industry was observed in all the major sub-sectors, barring chemicals and chemical products, petroleum, coal products and nuclear fuels, beverages and tobacco, leather and leather products, wood and wood products, rubber, plastic and their products, and cement and cement products," the RBI said in a release here.
The central bank said non-food bank credit rose 14.6 percent in January compared to 15.9 percent a year ago.
However, data show that credit to agriculture sector grew significantly in the reporting month compared to the corresponding period last year.
"Credit to agriculture increased by 19.8 percent in January, up from 6.3 percent in January 2012," it said. Credit to the services sector also saw a slower growth of 12 percent against 15.1 percent Y-o-Y.
The pace of credit from banks to NBFCs dropped to 21.6 percent in this period compared to 30.6 percent last year.
Meanwhile, personal loans increased 13.5 percent from 13.2 percent a year ago.