Personal loans from banks continue to rise in March, credit to industry registers growth of 7.1%: Rbi data


The Reserve Bank of India (RBI) on Friday announced the sectoral rollout of bank lending for March 2022. Bank lending to the industrial and service sectors saw strong momentum in March, while personal lending continued to trend higher. strong performance.

As of March 2022, RBI data is based on sector deployment of bank credit collected from 40 regular commercial banks – representing approximately 94% of total non-food credit deployed by all banks.

RBI pointed out that credit to agriculture and related activities continued to perform well, registering a growth of 9.9% in March 2022. However, the growth was 10.5% in March 2021.

Additionally, RBI said industrial credit growth increased to 7.1% in March 2022 from a contraction of 0.4% in March 2021.

Regarding the performance of industrial credit growth, RBI said that in terms of size, credit to medium industries recorded a robust growth of 71.4% in March 2022 compared to 34.5% last year. . Growth in credit to micro and small industries accelerated to 21.5% from 3.9% and credit to large industries recorded marginal growth of 0.9% from a contraction of 2.5% during the same period. period last year.

Within the industry, RBI pointed out that growth in credit to “all engineering”, “beverage and tobacco”, “chemicals and chemicals”, “construction”, “food processing”, “infrastructure”, “leather and leather products”, “mining and quarrying”, “petroleum, coal products and nuclear fuels”, “plastic rubber and their products”, “textiles” and “vehicles, vehicle parts and transport equipment” accelerated in March 2022 compared to the corresponding month of the previous year.

However, credit growth to “base metals and metal products”, “cement and cement products”, “glass and glassware”, “gems and jewellery”, “paper and paper products” and “wood and wood products” wood” has slowed/contracted.

In terms of services credit growth, the sector accelerated to 8.9% in March 2022 from 3% a year ago, mainly due to a significant improvement in credit growth at NBFCs and a drawdown robust credit in “trade” and “transport operators”.

For personal loans, RBI said the segment continued to grow at a healthy pace and grew 12.4% in March 2022 from 10.7% in March 2021.

To subscribe to Mint Bulletins

* Enter a valid email

* Thank you for subscribing to our newsletter.


Comments are closed.