Data on sectoral deployment of bank credit for the month of February 20241 collected from 41 select scheduled commercial banks, accounting for about 95 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 credit2 registered a growth of 16.5 per cent in February 20243 as compared with 15.9 per cent a year ago.
Highlights of the sectoral deployment of bank credit3 are given below:
Credit growth to agriculture and allied activities remained robust at 20.1 per cent (y-o-y) in February 2024 (15.0 per cent a year ago).
Credit to industry grew by 8.6 per cent (y-o-y) in February 2024 as compared with 6.8 per cent in February 2023. Among major industries, growth in credit (y-o-y) to ‘food processing’, ‘infrastructure’ and ‘textiles’ accelerated in February 2024 as compared with the corresponding month of the previous year, while that to ‘basic metal & metal products’ and ‘chemicals & chemical products’ decelerated.
Credit to services sector grew by 21.2 per cent (y-o-y) in February 2024 (20.5 per cent a year ago). Among major contributors, growth in credit (y-o-y) to ‘trade’ and ‘commercial real estate’ improved while that to ‘non-banking financial companies (NBFCs)’ decelerated in February 2024 compared to February 2023.
Personal loans growth moderated to 18.1 per cent (y-o-y) in February 2024 (20.6 per cent a year ago) due to decelerated growth in vehicle loans and other personal loans.
Ajit Prasad
Director (Communications)
Press Release: 2023-2024/2139
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.