Synopsis:
Non-food credit offtake slowed to 11.5% y-o-y in October 2024, down from 20.0% (including merger) and 15.4% (excluding merger) in October 2023. This slowdown is attributed 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 remained around 80%). Credit offtake in October 2024 was driven by industry (large and MSMEs), gold loans, and mortgages, partially offset by lower growth in NBFCs and other personal loans.
