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Sectoral Deployment of Bank Credit – July 2023

Data on sectoral deployment of bank credit for the month of July 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 14.8 per cent in July 20233 as compared with 15.1 per cent a year ago.

Highlights of the sectoral deployment of bank credit3 are given below:

  • Credit growth to agriculture and allied activities improved to 16.8 per cent (y-o-y) in July 2023 from 13.2 per cent a year ago.

  • Credit to industry registered a growth of 5.2 per cent (y-o-y) in July 2023 as compared with 10.5 per cent in July 2022.

  • Among major industries, credit growth (y-o-y) to ‘basic metal & metal products’ and ‘textiles’ accelerated in July 2023 as compared with the corresponding month of the previous year. Credit growth to ‘chemicals & chemical products’, ‘food processing’ and ‘infrastructure’ decelerated/contracted.

  • Credit growth to services sector accelerated to 19.4 per cent (y-o-y) in July 2023 from 16.7 per cent a year ago, primarily due to ‘trade’ and ‘commercial real estate’.

  • Personal loans registered a growth of 18.4 per cent (y-o-y) in July 2023 (18.7 per cent a year ago), supported by ‘housing’ and ‘vehicle’ loans.

Ajit Prasad            
Director (Communications)

Press Release: 2023-2024/842


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).

3 Excluding the impact of the merger of a non-bank with a bank.

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