Onset of festive season pushes credit growth across sectors in September

Housing and vehicle loans lead surge in retail credit, which was up 19.6% YoY

Reflecting the surge in demand during the festive season and economic upturn, credit off-take across all sectors — farming, industry, services and retail — remained robust in September 2022 compared to the same period a year ago.

The pace of retail credit — demand from households and individuals — was 19.6 per cent year on year (YoY) this September. The figure was 13.2 per cent a year ago. The rise in credit was largely driven by housing and vehicle loan segments.

Reserve Bank of India (RBI) data showed that credit to industry — small, medium and large — registered 12.6