Credit grows by 6.47 % on YoY basis to Rs 110.3 trillion in early October

The credit dispensed by commercial banks in India rose by 6.47 per cent on a year-on-year basis (Y-o-Y basis) to Rs 110.3 trillion as on October 08, 2021, according to Reserve Bank of India data. The pace of credit is shed higher than 5.7 per cent a year ago. But, it remains below the pre-pandemic level of 8.9 per cent in October of 2019.

Usually the month of October marks the beginning of the second half of the financial year and also the start of a busy season with traction for higher demand for loans from corporates, businesses and retail segments.

Meanwhile, CARE Ratings, in analysis of credit in the second half of the last 10 years, said the Indian