Credit growth accelerates from 13.5% increase recorded in FY2013
As per the data released by the Reserve Bank of India (RBI), the non-food credit of scheduled commercial banks in India increased at accelerated pace of 14.3% in FY2014 improving from 13.5% growth recorded in the previous financial year.Credit to agriculture and allied activities increased 13.5% in FY2014, as compared with the increase of 7.9% in FY2013.
Credit to the services sector increased by 16.1% in FY2014 as compared with the increase of 12.6% in FY2013.
Personal loans, comprising loans to consumer durables, housing, vehicles, etc, increased by 15.5% in FY2014 as compared with the increase of 14.7% in FY2013
Credit to industry increased at a lower clip (13.1% in FY2014 as compared with the increase of 15.1% in FY2013) due to lower credit offtake from large industry.
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