MANU/RPRL/0678/2023
Ministry : Reserve Bank of India
Department/Board : Press Release
Press Release No. : 2023-2024/1209
Date : 31.10.2023
Sectoral Deployment of Bank Credit - September 2023
Data on sectoral deployment of bank credit for the month of September 20231 collected from 40 select scheduled commercial banks, accounting for about 93 per cent of the total non-food credit deployed by all scheduled commercial banks, are set out in Statements I and II.
On a year-on-year (y-o-y) basis, non-food bank credit registered a
growth of 15.3 per cent in September 2023 as compared with 16.9 per cent a
year ago.
Highlights of the sectoral deployment of bank credit are given below:
Credit growth to agriculture and allied activities improved to 16.8 per cent (y-o-y) in September 2023 from 13.4 per cent a year ago.
Credit to industry grew by 6.5 per cent (y-o-y) in September 2023 as compared with 12.6 per cent in September 2022. Among major industries, credit growth (y-o-y) to 'basic metal & metal products', 'food processing' and 'textiles' accelerated in September 2023 as compared with the corresponding month of the previous year, while that to 'all engineering', 'chemicals & chemical products' and 'infrastructure' decelerated.
Credit to services sector grew by 21.3 per cent (y-o-y) in September 2023
from 20.2 per cent a year ago with 'non-banking financial companies (NBFCs)'
and 'trade' being the major contributors.
Personal loans growth decelerated to 18.2 per cent (y-o-y) in September 2023 (19.4 per cent a year ago), due to moderation in credit growth to housing.
Ajit Prasad
Director (Communications)
1. Data pertain to the last reporting Friday of the month.
2. Non-food credit data are based on Section-42 return for the last reporting Friday of the month, which covers all scheduled commercial banks (SCBs).
3. Excluding the impact of the merger of a non-bank with a bank.