Credit To Medium Size Industries Grew 48.6% In October
Credit to small and medium-sized businesses increased by 48.6%. RBI Data from October
The RBI collects statistics on bank loan deployment by sector from 33 commercial banks.According to Reserve Bank of India (RBI) data, credit to medium industries grew by 48.6 percent in October 2021, compared to 20.8 percent in the same month last year.The personal loans category grew by 11.7 percent in October 2021, compared to 8.7 percent in October 2020, as a result of an increase in housing and automobile loans, as opposed to loans against gold jewellery, according to the central bank.
According to the central bank data, credit growth to micro and small businesses increased to 11.9 percent in October 2021 from a meagre 0.7 percent in October 2020.In October 2021, credit growth in large industries was 0.5 percent, compared to a decrease of 1.8 percent in October 2020. The Reserve Bank collects data on bank credit deployment by sector from 33 scheduled commercial banks, which account for roughly 90% of total non-food credit deployed by all scheduled commercial banks.
Agriculture credit increased by 10.2 percent in October 2021, compared to 7.2 percent in the same month last year.Credit growth in the services sector, on the other hand, has slowed, falling to 2.9 percent in October 2021 from 8.6 percent in October 2020.
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