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Sectoral Deployment of Bank Credit - February 2023

Data on sectoral deployment of bank credit for the month of February 20231 collected from 40 select scheduled commercial banks, accounting for about 93 per cent of the total non-food credit deployed by all scheduled commercial banks, are set out in Statements I and II.

On a year-on-year (y-o-y) basis, non-food bank credit2 registered a growth of 15.9 per cent in February 2023 as compared with 9.2 per cent a year ago.

Highlights of the sectoral deployment of bank credit are given below:

  • Credit to agriculture and allied activities rose by 14.9 per cent (y-o-y) in February 2023 as compared with 10.3 per cent a year ago.

  • Credit to industry registered a growth of 7.0 per cent (y-o-y) in February 2023 as compared with 6.7 per cent in February 2022. Size-wise, credit to large industry rose by 5.0 per cent as compared with 0.9 per cent a year ago. Credit growth of medium industries was 13.5 per cent as against 53.8 per cent. Credit to micro and small industries registered a growth of 13.2 per cent in February 2023 (24.0 per cent a year ago).

  • Within industry credit growth to ‘all engineering’, ‘basic metal & metal products’, ‘beverage & tobacco’, ‘cement & cement products’, ‘chemicals & chemical products’, ‘construction’, ’glass & glassware’, ‘mining & quarrying’, ‘petroleum, coal products & nuclear fuels’, ‘vehicles, vehicle parts & transport equipment’ and ‘wood & wood products’ accelerated in February 2023 as compared with the corresponding month of the previous year. Credit growth to ‘food processing’ ‘gems & jewellery’, ‘infrastructure’, ‘leather & leather products’, ‘paper & paper products’, ‘rubber, plastic & their products’ and ‘textiles’ decelerated/contracted.

  • Credit growth to services sector was robust at 20.7 per cent (y-o-y) in February 2023 as compared with 6.2 per cent a year ago, primarily due to the improved credit offtake to ‘Non-Banking Financial Companies (NBFCs)’.

  • Personal loan growth accelerated to 20.4 per cent (y-o-y) in February 2023 from 12.5 per cent a year ago, driven by housing loans.

Ajit Prasad            
Director (Communications)

Press Release: 2022-2023/1941


1 Data pertain to the last reporting Friday of the month.

2 Non-food credit data are based on Section-42 return for the last reporting Friday of the month, which covers all scheduled commercial banks (SCBs).

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