Synopsis
Non-food credit offtake slowed to 13.0% y-o-y in September 2024, down from 20.0% in September 2023. This slowdown is due to a higher base effect, RBI measures such as higher risk weights and the proposed LCR norms, and a focus on managing the Credit to Deposit ratio (which has remained around 80%). Credit offtake in September 2024 was driven by industry (large and MSMEs), Commercial Real Estate, and Mortgages, partially offset by lower growth in NBFCs and other personal loans.
