Mumbai, Sep 20 (PTI) Led by a 122 per cent spike in retail loan volume, the overall credit market grew 11.1 per cent in FY22 over the previous year to Rs 174.3 lakh crore, according to a credit bureau report.

According to credit bureau CRIF High Mark, the total lending market stood at Rs 174.3 lakh crore as of March 2022, registering an 11.1 per cent growth over March 2021.

Also Read | Sony PS5 Restock in India: PlayStation 5 To Be Available for Pre-Order on September 26, 2022.

Commercial, retail and microfinance lending portfolios contributed 49.5, 48.9, and 1.6 per cent, respectively to this growth.

Giving a break-up, the report said personal loans saw a full 46 per cent growth in originations by value, and a much higher 122 per cent growth in originations by volume in FY22 over the previous year, and the sector is dominated by state-run and private banks along with non-banking entities.

Also Read | TikTok's BeReal Clone App Now Available As Standalone App Outside the US.

Led by private sector banks, credit cards saw a higher 48 per cent growth in new card originations and the share of the new card originations of private banks increased from 61.2 per cent in FY21 to 71.4 per cent in FY22.

Two-wheeler loans, dominated by non-banks and private sector banks, rose at a tepid 9.2 per cent growth in originations by value, and 2 per cent growth in originations by volume.

On the other hand, despite the steep fall in auto sales due to supply-side issues, auto loans grew 23 per cent in value and 8.5 per cent growth in volume.

Home loans, the mainstay of the banks for long now, witnessed a 29 per cent growth in value and 20 per cent in volume.

Consumer durable loans jumped 66 per cent in value and 43 per cent in volume and the sector is dominated by non-banking lenders.

Reflecting the crisis among the poor, microfinance loans grew 22 per cent in value and 13 per cent in volume.

Commercial loans grew 73 per cent and business loans saw a 10 per cent growth during the reporting period.

(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)