Economic slowdown: Pace of retail credit offtake falls to 15.6%

The economy grew by just 5% in first quarter ended June 2019

The pace of retail credit offtake fell to 15.6 per cent in the last 12 months ending August, from 18.2 per cent in the preceding year, showing the effects of a slowdown in the economy.
 
The pace of non-food credit, comprising loans to industry, services, retail and priority sectors, fell to 9.8 per cent in the 12 months ending August 2019 from 12.4 per cent in the corresponding period of the previous year.
 
Credit growth to the services sector decelerated to 13.3 per cent till August 2019 from 26.7 per cent in the previous period, according to the