Growth in personal loans accelerated to 20.4 per cent annually in January 2023 largely driven by housing' and vehicle loans', according to data released by the Reserve Bank on Tuesday.
The growth in the personal loans segment was 12.8 per cent in January 2022.
The data on sectoral development of bank credit in January 2023 showed that the personal loan outstanding on January 27, 2023, was Rs 39.59 lakh crore as against 32.87 lakh crore in a year ago.
Data further revealed that housing loan outstanding was Rs 18.88 lakh crore in January this year as against Rs 16.36 lakh crore a year ago. The loan outstanding in the vehicle segment was nearly Rs 5 lakh crore in January 2023 against Rs 3.95 lakh crore in January 2022.
On a year-on-year (y-o-y) basis, non-food bank credit registered a growth of 16.7 per cent in January 2023 as compared with 8.3 per cent a year ago.
Credit growth to agriculture and allied activities improved to 14.4 per cent (y-o-y) in January 2023 from 10.4 per cent a year ago.
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"Credit to industry registered a growth of 8.7 per cent (y-o-y) in January 2023 as compared with 5.9 per cent in January 2022," according to the data.
Size-wise, credit to large industry grew by 6.5 per cent as compared with 0.2 per cent and to medium industries by 18.1 per cent as against 52.4 per cent last year. Credit to micro and small industries registered a growth of 15.2 per cent in January 2023 (23.3 per cent a year ago).
Within industry credit growth to 'basic metal & metal products', 'beverage & tobacco', 'cement & cement products', 'chemicals & chemical products', 'food processing', 'glass & glassware', 'mining & quarrying', 'petroleum, coal products & nuclear fuels', 'vehicles, vehicle parts & transport equipment' and 'wood & wood products' accelerated in January 2023 as compared with the corresponding month of the previous year.
Credit growth to 'all engineering', 'construction', 'gems & jewellery', 'infrastructure', 'leather & leather products', 'paper & paper products', 'rubber, plastic & their products' and 'textiles' decelerated/contracted.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
