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Dubai: Adversely impacted on both supply and demand side, slow credit growth will be a major challenge for India’s post-pandemic economic recovery, according to bankers, economists and analysts.
In addition to slowing credit growth, the economy faces on hurdles on multiple fronts including rising inflation, slowing demand and weak consumer sentiments.
At the core of the economic woes lie the rising caution among banks in lending following the second wave of COVID-19. Aggregate credit at Indian commercial banks grew 5.6 per cent year over year in the quarter ended March 31, the slowest rate since the second quarter of 2017, according to data released by the Reserve Bank of India (RBI), on May 28. Aggregate deposits in the March quarter expanded at 12.3 per cent year over year, the fastest pace of quarterly growth since 2017.
India’s risk-averse lenders are emerging as one of the biggest hurdles to its recovery
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Last Updated: Jul 09, 2021, 08:33 AM IST
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Loans to companies and individuals has been growing at a subdued 5.5%-6% in recent months, which is half the pace seen before the pandemic struck, Reserve Bank of India data shows.
PTI
India’s risk-averse lenders are emerging as one of the biggest hurdles to the speed of the nation’s recovery from the pandemic-induced downturn, as they hold back credit when the economy needs it the most.
Loans to companies and individuals has been growing at a subdued 5.5%-6% in recent months, which is half the pace seen before the pandemic struck, Reserve Bank of India data shows. The nation’s biggest lender
Loan growth shows virus leaving deep scars on India’s economy
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Last Updated: Jul 09, 2021, 08:50 AM IST
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Loans to companies and individuals has been growing at a subdued 5.5%-6% in recent months, which is half the pace seen before the pandemic struck, Reserve Bank of India data shows. The nation’s biggest lender State Bank of India wants to nearly double its credit growth rate to 10% in the year started April 1, but is willing to miss the goal.
And while Covid-19 relief measures may provide banks some reprieve, the need to raise capital will remain high once virus related stress start to emerge on their balance sheets.
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