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Loans to industries grew at 7.1 per cent in September 2023 as against 12.6 per cent, and at 6.7 per cent in August against 11.4 per cent in the same month of last year.
In November, fresh personal loan disbursals grew at 18.6%, down from 19.9% last year, impacted by the RBI's 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 year's 21.3%.
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.
Total fraud cases amounted to ₹45,598 core in 2021-22, shows the RBI data on trends and progress of banking in India. It is incumbent upon you to inform the bank immediately so as to get the refund
Mumbai, Dec 26 (PTI) India's current account deficit declined sharply to 1 per cent of the GDP or USD 8.3 billion in the second quarter of this financial year, mainly due to lower merchandise trade deficit and growth in services exports, according to a RBI data released on Tuesday.