Personal loan growth remains strong at 17% in February 2020
As per the latest data released by the Reserve Bank of India, the non-food bank credit growth for banking sector decelerated to 7.3% in February 2020 from 13.2% in February 2019.Credit growth to agriculture & allied activities decelerated to 5.8% in February 2020 from 7.5% in February 2019.
Credit growth to industry decelerated to 0.7% in February 2020 from 5.6% in February 2019. Within industry, credit growth to beverage & tobacco accelerated. However, credit growth to mining & quarrying, food processing, chemical & chemical products, textiles, basic metal & metal products, all engineering, leather & leather products, cement & cement products, construction and infrastructure decelerated/contracted.
Credit growth to the services sector decelerated sharply to 6.9% in February 2020 from 23.7% in February 2019.
Personal loans growth accelerated marginally to 17.0% in February 2020 from 16.7% in February 2019.
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