Press Releases

Data on sectoral deployment of bank credit for the month of July 2023¹ collected from 40 select scheduled commercial banks, accounting for about 93 per cent of the total non-food credit deployed by all scheduled commercial banks, are set out in Statements I and II.

On a year-on-year (y-o-y) basis, non-food bank credit² registered a growth of 14.8 per cent in July 2023³ as compared with 15.1 per cent a year ago.

Highlights of the sectoral deployment of bank credit³ are given below:

• Credit growth to agriculture and allied activities improved to 16.8 per cent (y-o-y) in July 2023 from 13.2 per cent a year ago.

• Credit to industry registered a growth of 5.2 per cent (y-o-y) in July 2023 as compared with 10.5 per cent in July 2022.

• Among major industries, credit growth (y-o-y) to ‘basic metal & metal products’ and ‘textiles’ accelerated in July 2023 as compared with the corresponding month of the previous year. Credit growth to ‘chemicals & chemical products’, ‘food processing’ and ‘infrastructure’ decelerated/contracted.

• Credit growth to services sector accelerated to 19.4 per cent (y-o-y) in July 2023 from 16.7 per cent a year ago, primarily due to ‘trade’ and ‘commercial real estate’.

• Personal loans registered a growth of 18.4 per cent (y-o-y) in July 2023 (18.7 per cent a year ago), supported by ‘housing’ and ‘vehicle’ loans.

Ajit Prasad            
Director (Communications)

Press Release: 2023-2024/842

¹ Data pertain to the last reporting Friday of the month.

² Non-food credit data are based on Section-42 return for the last reporting Friday of the month, which covers all scheduled commercial banks (SCBs).

³ Excluding the impact of the merger of a non-bank with a bank.