Bank credit grew 9.7% in March this year, from 4.5% a year ago, driven by a recovery in credit to industry, an acceleration in credit to the services and lending segments personnel, and to agriculture with rates in the double digits. credit growth.
Industrial credit growth accelerated to 7.1% in March 2022, from a contraction of 0.4% in March 2021, according to RBI’s statement on sectoral deployment of bank credit.
From a size perspective, credit to medium industries recorded robust growth of 71.4% in March 2022, compared to 34.5% last year.
Growth in credit to micro and small industries accelerated to 21.5% from 3.9% and credit to large industries recorded marginal growth of 0.9% from a contraction of 2.5% during the same period last year.
Credit growth to the services sector accelerated to 8.9% in March 2022, from 3.0% a year ago, mainly due to a significant improvement in credit growth at NBFCs and robust credit drawdown in ‘trade’ and ‘transport operators’.
The personal loan segment continued to grow at a healthy pace and grew by 12.4% in March 2022, compared to 10.7% in March 2021, according to the RBI statement.
Credit to agriculture and related activities continued to perform well, recording growth of 9.9% in March 2022 compared to 10.5% in March 2021.
April 29, 2022