Home Business Non-food bank credit grew 6% in November

Non-food bank credit grew 6% in November

Credit to massive industries shrank 1.8%.

Non-food credit development of banks stood at 6% in November in contrast with 7.2% a 12 months earlier, RBI information confirmed.

Reversing the downtrend, credit development to agriculture and allied actions accelerated to eight.5% in November 2020 from 6.5% in November 2019, the information on Sectoral Deployment of Bank Credit — November 2020, launched by the Reserve Bank, confirmed.

Advances to trade contracted marginally 0.7% in contrast with the two.4% development. This was primarily because of contraction in credit to massive industries by 1.8% in November 2020 (versus a 3% development a 12 months earlier), although credit to medium industries registered a sturdy 20.9% development vis-a-vis a contraction of two.4%, the RBI stated. Personal loans rose 10% in contrast with 16.4%. Within this, automobile loans registered development of 10% vis-a-vis a development of 4.7%.

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