However, the credit growth during the month was slightly higher than 8.3% registered in October.
Advances to industry rose by 5% in the reporting month compared with the increase of 7.3% last year.
"Deceleration in credit growth to industry was observed in all major sub-sectors barring chemical and chemical products and basic metal and metal products," RBI said in a release here today.
RBI collects the data on sectoral deployment of bank credit on a monthly basis from select 46 scheduled commercial banks, accounting for about 95% of the total non-food credit deployed by all scheduled commercial banks.
Loans to agriculture and allied activities slowed by 11.8% compared with the increase of 19.7% a year ago.
Advances to the services sector were up by 6.8% compared with the increase of 7.9% in the year-ago period.