Ahead of festive season, retail credit growth nears 20% in August

Credit growth to the services sector accelerated to 17.2 per cent in August 2022 from just 2.1 per cent a year ago. It was mainly due to improved credit off-take to NBFCs and trade sectors.

Photo: Bloomberg

Photo: Bloomberg

Abhijit Lele
In the run-up to the festive season, credit off-take across all sectors — farming, industry, services and retail — was robust in August 2022 compared to the same period a year ago. 

The pace of retail credit — demand from households and individuals — was 19.5 per cent year-on-year (YoY) in August 2022. 

The figure was 12.8 per cent in August 2021. Reserve Bank of India (RBI) data showed that credit to industry — small, medium and large — registered 11.4 per cent growth against a mere 1.5 per cent growth in August 2021. 

First Published: Sep 30 2022 | 9:55 PM IST

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