Credit to services shrinks 9.1% in April-August

There has been slowdown in credit off-take across sectors - particularly agriculture, industry, services and retail - for about 5 months since April

Commercial bank credit to the services sector contracted 9.1 per cent in April-August 2017, against 1.2 per cent growth in the year-ago period, reflecting a slowdown in the economy.

Reserve Bank of India data showed that outstanding credit to the services segments, including trade, tourism and transport operators, declined to Rs 16,37,500 crore at the end of August 18 from Rs 18,02,200 crore at the end of March.

There has been a slowdown in credit off-take across sectors — particularly agriculture, industry, services and retail — for about five months since April. Overall credit has declined 2.5 per cent to Rs 69,59,900