Bank credit offtake shows stickiness, rises 7% in November: RBI data

Rating agency CARE in a statement said the credit growth is expected to be in the range of 7.5% to 8.0% for FY22.

Reflecting the steady pace of business, bank credit rose by 6.97 per cent in 12 months ended November 19, 2021, according to Reserve Bank of India data.

The outstanding credit of commercial banks stood at Rs 111.62 trillion, up from Rs 104.34 trillion a year ago. The growth in advances was 5.8 per cent Year-on-Year (Y-o-Y) basis as of November 20, 2020.

Sequentially, loan growth was 7.1 per cent Y-o-Y in the previous fortnight (November 15, 2021). The credit expansion was flat in the reporting fortnight (with an addition of just Rs 1,157 crore).

Bankers said this was the first