Industry Decelerates News Today

In November, fresh personal loan disbursals grew at 18.6%, down from 19.9% last year, impacted by the RBIs loan risk weight changes. Total outstanding loans hit Rs 50,56,524 crore from Rs 41,80,838 crore last year. Non-food bank credit grew 16.3% annually to Rs 1,56,20,554 crore. Credit to industries like basic metals rose, while engineering and infrastructure slowed. Agricultural credit grew to 18.2%, and service sector credit increased to 21.9% compared to last years 21.3%.

India Business News: Growth of bank credit to industry decelerated to 6.1 per cent in November as against 13 per cent recorded in the same month last year, according to da

The Reserve Bank of India reported a 21.9 per cent YoY growth in credit to the services sector in November 2023, compared to 21.3% a year ago. This growth was despite a slowdown in lending to non-banking financial companies (NBFCs), which made up a significant portion of the services loan portfolio. The Reserve Bank increased the risk weights on bank lending to NBFCs and their unsecured lending. Overall, non-food bank credit rose 16.3% YoY in November 2023.