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Robust demand for credit from agriculture, services, homes and consumer durables segments helped the banking system grow non-food credit by 14.3 per cent in FY2014 against 13.5 per cent in the previous financial year.
Non-food credit comprises loans given by banks to agriculture & allied activities, industry, services, personal loans, and priority sector.
In FY2014, bank gave loans (non-food credit) aggregating Rs 6,96,400 crore as against Rs 5,79,900 crore in the previous year.
Credit to agriculture and allied activities increased by 13.5 per cent in March 2014 as compared with the increase of 7.9 per cent in March 2013, , according to RBI data on sectoral deployment of credit.
Credit to the services sector increased by 16.1 per cent in March 2014 as compared with the increase of 12.6 per cent in March 2013.
Personal loans, comprising loans to consumer durables, housing, vehicles, etc, increased by 15.5 per cent in March 2014 as compared with the increase of 14.7 per cent in March 2013
Credit to industry increased at a lower clip (13.1 per cent in March 2014 as compared with the increase of 15.1 per cent in March 2013) due to lower credit offtake from large industry.
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