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Sectoral Deployment of Bank Credit – August 2024

Data on sectoral deployment of bank credit for the month of August 20241 collected from 41 select scheduled commercial banks, accounting for about 95 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, the growth in non-food bank credit2 in August 20243 remained at 15.0 per cent, the same level as recorded a year ago. 

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

  • Credit to agriculture and allied activities continued to be robust with the growth of 17.7 per cent (y-o-y) in August 2024, compared with 16.5 per cent during August 2023.
  • Credit growth to industry strengthened at 9.8 per cent (y-o-y) in August 2024 compared with 5.3 per cent in August 2023. Among major industries, credit to ‘chemicals and chemical products’, ‘food processing’, ‘petroleum, coal products and nuclear fuels’ and ‘infrastructure’ recorded a higher growth in August 2024 as compared to their respective growth rates a year ago, while credit growth to ‘basic metal and metal product’, and ‘textiles’ moderated. 
  • Credit growth to services sector decelerated to 15.6 per cent (y-o-y) in August 2024 from 21.0 per cent a year ago, primarily due to relatively lower credit growth in ‘non-banking financial companies (NBFCs)’ and ‘trade’ segments. Credit growth (y-o-y) in ‘commercial real estate’ and ‘computer software’ accelerated during August 2024.
  • Personal loans growth moderated to 16.9 per cent (y-o-y) in August 2024 as compared to 18.3 per cent a year ago, largely due to decline in growth recorded in ‘other personal loans’ and ‘vehicle loans’.

Ajit Prasad            
Deputy General Manager
(Communications)     

Press Release: 2024-2025/1187


 

[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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