Data on sectoral deployment of bank credit for the month of July 2024¹ collected from 41 select scheduled commercial banks, accounting for about 95 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 15.1 per cent in July 2024³ as compared with 14.7 per cent a year ago.

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

• Credit to agriculture and allied activities remained robust registering a growth of 18.1 per cent (y-o-y) in July 2024, compared with 16.7 per cent a year ago.

• Credit growth to industry strengthened significantly at 10.2 per cent (y-o-y) in July 2024 compared with 4.6 per cent in July 2023. Among major industries, credit to ‘chemicals and chemical products’, ‘food processing’, ‘petroleum, coal products and nuclear fuels’ and ‘infrastructure’ recorded a higher growth in July 2024 as compared to their growth a year ago, while credit to ‘basic metal and metal product’, and ‘textiles’ moderated.

• Credit growth to services sector moderated to 15.4 per cent (y-o-y) in July 2024 from 19.7 per cent a year ago, primarily driven down by relatively lower credit growth in ‘non-banking financial companies (NBFCs)’ and ‘trade’ segments. Credit growth (y-o-y) in ‘commercial real estate’, ‘tourism, hotels and restaurants’ and ‘computer software’ accelerated during July 2024.

• Personal loans growth was lower at 17.8 per cent (y-o-y) in July 2024 as compared to 18.4 per cent a year ago, largely due to moderation in growth recorded in ‘other personal loans’ and ‘vehicle loans’. However, credit growth to ‘housing’, the largest constituent of the segment, accelerated.

Ajit Prasad           
Deputy General Manager
(Communications)    

Press Release: 2024-2025/1004

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.