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The lending pattern of banks in 2023-24 saw a recovery in lending to large corporates post COVID-19 contraction. The RBI intervened to improve the quality of retail loans by assigning higher risk weights to unsecured lending, slowing their growth. Loans to the services sector grew faster at 20.2% compared to retail at 17.7% in FY2023-24. The RBI increased risk weights on unsecured consumer loans and credit cards, leading to a slowdown in unsecured loans growth to 20.8% from 26.7% a year ago.
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Agricultural loans grew by 20.1%. Fresh loan rates at 9.36%. External Benchmark-based Lending Rate loans rose to 56.2%. Commercial real estate loans surged by 37.9%.
The RBI has mandated that all regulated entities provide a Key Fact Statement (KFS) to retail and MSME borrowers, ensuring greater transparency and enabling customers to make informed decisions