Synopsis
- Gross bank credit offtake witnessed an accelerated rise of 16.2% year-on-year (y-o-y) in June 2023. The growth was driven by services, personal and agriculture loans. Non-Banking Financial Companies (NBFCs), other services, vehicle loans, unsecured personal loans, and retail trade reported robust growth.
- Services segment reported a robust rise of 26.7% y-o-y in June 2023 as compared with 12.8% a year-ago due to strong credit demand from key sub-segments (NBFCs and Trade).
- Personal loans reported a sustained growth at 20.9% y-o-y in June 2023 compared to 18.1% a year ago.
- Industry moderated at 8.1% y-o-y in June 2023 from 9.5% over the year-ago period due to slow growth in MSME and muted growth in infrastructure. Infrastructure rose marginally by 1.7% y-o-y against 9.5% in June 2022 as credit for power witnessed muted growth, road slowed, and telecommunication dropped.
- Agriculture segment also rose by 19.7% y-o-y in June 2023 due to high demand during sowing season.
