Bank lending expanded by over Rs one trillion in Sept: Soumya Kanti Ghosh

Overall credit that month was Rs 71,500 cr from a negative Rs 36,000 cr in August. Hence, effectively credit jumped by Rs 1.07 trillion in Sept, says SBI's chief economic advisor

banks, bank rate cuts, lending rates, deposits, savings, investment, schemes, shares, insurance, coronavirus, covid
Premium

Illustration: Binay Sinha

BS Reporter Mumbai
Credit growth to industry was 'nil' in September, but banks stepped up their lending to the micro-small and medium enterprises, while depending largely upon services for their loan book growth, according to data released by the Reserve Bank of India (RBI) data showed on Thursday.

Growth in credit to industry, which was nil in September, had grown at 2.7 per cent YoY in September 2019. Credit to ‘medium’ enterprises expanded by 14.5 per cent.

Analysing the data, State Bank of India (SBI) group chief economic advisor Soumya Kanti Ghosh said on a month-on-month basis, September actually saw a huge amount

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Oct 30 2020 | 4:24 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com