Gross Bank Credit grows at 10.2%

Gross Bank Credit grows at 10.2%





On a year-on-year basis, gross bank credit stands at 10.2% in Aug 2014 as compared to 12.6% in July 2014. The growth of food credit stands at 9.5% in Aug 2014 as against 14.8% in July 2014 and the non-food bank credit increased by 10.2% in Aug 2014 as compared to 12.6% in July 2014.  The credit to NBFCs increased by 4.1% in Aug 2014 as compared with 11.5% in July 2014. The credit to agriculture increased by 18.8% in Aug 2014 as compared with 19.5% in July 2014.  The gross bank credit stands at Rs. 57,293 billion as on Aug 2014 as compared to Rs. 51,991 billion as on Aug 2013, posting a growth of about 10.2%.
Credit to industry increased by 7.6% in Aug 2014 as compared with 10.1% in July 2014. Deceleration in credit growth to industry was observed in all major sub-sectors, barring construction, glass and glassware, rubber plastic and their products, leather and leather products, beverages and tobacco and mining and quarrying.
The services sector credit increased by 8.9% in Aug 2014 as compared with 12.3% in July 2014. Personal loans stand at 12.8% in Aug 2014 as compared with 14.5% in July 2014. Growth in the components of personal loans in Aug 2014 stood at housing (15.4%), advances against fixed deposits ((-) 10.2%), advances to individuals against shares, bonds, etc. (24.9%), education (8.6%) and vehicle loans (17.4%).

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