Retail loans rose 20.9 per cent (y-o-y) in June 2023 compared to 18.1 per cent a year ago, mainly supported by ‘housing and ‘vehicle loans. " The rapid pace of personal (retail) loan growth (both housing and non-housing) has been supporting overall credit expansion" said a report on the state of the economy published in RBI s latest monthly bulletin.
Chairing a meeting to review the performance of PSBs on various financial health parameters for FY23, the finance minister advised banks to ensure an increase in rural, agriculture and sectoral credit in order to meet PSL norms.