Latest News | Non-food Bank Credit Grows at 6.2 Per Cent in July: RBI Data

Mumbai, Aug 31 (PTI) The non-food credit bank credit grew at 6.2 per cent in July 2021, compared to 6.4 per cent growth a year ago, RBI data showed.

Advances to agriculture and allied activities continued to perform well, registering an accelerated growth of 12.4 per cent in the reporting month, against 5.4 per cent in July 2020, according to RBI data on Sectoral Deployment of Bank Credit – July 2021 released on Tuesday.

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The growth in credit to industry remained subdued at one per cent in July 2021 compared to 0.9 per cent in the year-ago period, the data showed.

Size-wise, credit to medium industries registered a robust growth of 71.6 per cent in July 2021, as compared to a contraction of 1.8 per cent a year ago.

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Credit to micro and small industries accelerated to 7.9 per cent in July 2021 against a contraction of 1.8 per cent a year ago, while credit to large industries contracted by 2.9 per cent from 1.4 per cent growth a year ago, the data showed.

The growth in credit to the services sector slowed to 2.7 per cent in July 2021 from 12.2 per cent, mainly due to deceleration in credit growth to NBFCs, and commercial real estate.

Personal loans registered an accelerated growth of 11.2 per cent in July 2021, compared to 9 per cent in the year-ago period, primarily due to higher growth in loans against gold jewellery and vehicle loans, the data showed.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)