 "business, corporate")
Credit to industry expanded at a faster pace in the period ended September 19, rising 7.3 per cent compared with 6.5 per cent in the period ended August 22. This reflects a pickup in credit demand from Indian corporates — a trend evident in Q2 FY26, during which major banks reported stronger growth in their corporate loan portfolios.
However, credit growth to industries during this period remained lower than the same time last year, when it had expanded by nearly 9 per cent.
Retail credit growth moderates year-on-year
Meanwhile, retail credit continued to moderate, growing 11.7 per cent during the period ended September 19, compared with 13.4 per cent a year earlier. The slowdown was mainly due to weaker growth in vehicle loans and credit card outstandings.
According to the Reserve Bank of India’s (RBI) sectoral deployment of credit data, within industries, credit to ‘micro and small’ and ‘medium’ industries continued to grow in double digits.
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“Among major industries, outstanding credit to ‘all engineering’, ‘infrastructure’, ‘textiles’, and ‘vehicles, vehicle parts and transport equipment’ recorded buoyant year-on-year growth,” the RBI said.
Services sector and agriculture credit see slower expansion
During this period, non-food bank credit grew by 10.2 per cent year-on-year (Y-o-Y), compared with 13 per cent a year ago.
Credit to the services sector registered a growth rate of 10.2 per cent Y-o-Y, compared with 13.7 per cent in the same period last year, mainly because credit to non-banking finance companies (NBFCs) grew 4 per cent Y-o-Y, compared with nearly 10 per cent earlier. Segments such as ‘tourism, hotels and restaurants’, ‘computer software’, and ‘commercial real estate’ witnessed robust growth.
Additionally, credit to agriculture and allied activities registered 9 per cent Y-o-Y growth, compared with 16.4 per cent in the year-ago period.
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