Bank credit rose 14.8 per cent (year-on-year) in December 2013 compared with 14.3 per cent recorded in the corresponding period of the previous year.

This is according to the Reserve Bank of India’s statistics collected from select 47 scheduled commercial banks accounting for about 95 per cent of the total non-food credit.

Segment-wise details

The segments, which showed an increase in the rate of credit growth, were services and personal loans. But credit growth to agriculture and NBFC sectors grew at a much slower pace than the same period in the previous fiscal.

Credit to agriculture and allied activities increased by 11.5 per cent in December 2013 compared with 18.3 per cent in December 2012. Credit to industry increased by 14.1 per cent in December 2013 against 15.2 per cent in December 2012.

RBI said that deceleration in credit growth was observed in cement and cement products, infrastructure, metals and metal products, gems and jewellery, mining and quarrying, and petroleum, coal products and nuclear fuels.

Credit to services sector increased by 17.4 per cent in December 2013 compared with the increase of 10.9 per cent in December 2012. Personal loans increased by 15.8 per cent in December 2013 dominated by housing loans compared with the increase of 13.8 per cent in December 2012.

Credit to Non Banking Financial Companies (NBFCs) increased by 15.1 per cent in December 2013 against 16.5 per cent in December 2012.

Priority sector loans (including loans to agriculture and allied services, micro credit, export credit, education loans, loans to weaker sections, etc) grew 17 per cent to Rs 17,36,700 crore as of December 31, 2013.

Personal loans grew nearly 16 per cent to Rs 9,99,000 crore, while credit card outstandings dipped slightly by 1.6 per cent to Rs 24,400 crore.

Related Topics