Non-food bank credit growth slows down to 7.3pc in Feb

Non-food bank credit growth decelerated to 7.3 per cent in February 2020 from 13.2 per cent in the year-ago month due to a sharp decline in loans to the services sector, according to the RBI data.

In February 2020, bank credit stood at Rs 89.14 lakh crore as against Rs 83.06 lakh crore in the same month a year ago, the RBI data showed.

In January 2020, bankcreditdecelerated to 8.5 per cent from a year-ago growth of 13.5 per cent, again led by a sharp slowdown in loans to the services sector.

Credit growth to the services sector decelerated sharply to 6.9 per cent in February 2020 from 23.7 per cent in February 2019, the RBI said.

Advances growth to agriculture and allied activities decelerated to 5.8 per cent in the reporting month from 7.5 per cent in February 2019.

Loan growth to industry decelerated to 0.7 per cent in February 2020 from 5.6 per cent in February 2019.

Personal loans growth, however, accelerated marginally to 17 per cent in February 2020 from 16.7 per cent in February 2019.