Data on sectoral deployment of bank credit for the month of September 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 15.3 per cent in September 2023³ as compared with 16.9 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 September 2023 from 13.4 per cent a year ago.

• Credit to industry grew by 6.5 per cent (y-o-y) in September 2023 as compared with 12.6 per cent in September 2022. Among major industries, credit growth (y-o-y) to ‘basic metal & metal products’, ‘food processing’ and ‘textiles’ accelerated in September 2023 as compared with the corresponding month of the previous year, while that to ‘all engineering’, ‘chemicals & chemical products’ and ‘infrastructure’ decelerated.

• Credit to services sector grew by 21.3 per cent (y-o-y) in September 2023 from 20.2 per cent a year ago with ‘non-banking financial companies (NBFCs)’ and ‘trade’ being the major contributors.

• Personal loans growth decelerated to 18.2 per cent (y-o-y) in September 2023 (19.4 per cent a year ago), due to moderation in credit growth to housing.

Ajit Prasad            
Director (Communications)

Press Release: 2023-2024/1209

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.