Credit growth gets festival boost in Sept led by retail, industry, agri

Growth in credit to the services sector decelerated to 0.8 per cent in September 2021 from 9.2 per cent in September 2020

Feeding off the festive season and economic turnaround, the pace of credit to retail, farming, and industry increased in September 2021.

The Reserve Bank of India (RBI) said in statement that retail -- covering housing and vehicles, credit cards, etc -- showed an accelerated growth rate of 12.1 per cent in September 2021 against 8.4 per cent in September 2020.

Housing and vehicles, and loans against gold jewellery were the drivers in credit activity. Credit to agriculture and allied activities registered a growth rate of 9.9 per cent in September 2021 against 6.2 per cent in September 2020.

Ahead of the busy season