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Sectoral Deployment of Bank Credit – June 2023

Data on sectoral deployment of bank credit for the month of June 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 16.3 per cent in June 2023 as compared with 15.0 per cent a year ago.

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

  • Credit to agriculture and allied activities improved to 19.7 per cent (y-o-y) in June 2023 from 12.9 per cent a year ago.

  • Credit to industry registered a growth of 8.1 per cent (y-o-y) in June 2023 as compared with 9.5 per cent in June 2022. Size-wise, credit to large industry rose by 6.4 per cent (3.2 per cent a year ago). Credit to medium industries grew by 13.2 per cent (47.8 per cent last year) and micro and small industries by 13.0 per cent (29.2 per cent a year ago).

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

  • Credit growth to services sector accelerated to 26.7 per cent (y-o-y) in June 2023 from 12.8 per cent a year ago, primarily due to the improved credit offtake to ‘non-banking financial companies (NBFCs)’ and ‘trade’.

  • Personal loans registered a growth of 20.9 per cent (y-o-y) in June 2023 vis-à-vis 18.1 per cent a year ago, mainly supported by ‘housing’ and ‘vehicle’ loans.

Ajit Prasad           
Director (Communications)

Press Release: 2023-2024/676


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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