On a year-on-year basis, gross bank credit increased by 14.2% in November 2013 as compared to 16.6% in October 2013. The growth of food credit declines by (-) 4.8% in November 2013 as compared with (-) 1.6% in October 2013 and non-food bank credit increased by 14.7% in November 2013 as compared to 17% in October 2013.
The credit to NBFCs increased by 15.9% in November 2013 as compared with 22.1% in October 2013. The credit to agriculture increased by 11% in November 2013 as compared with 13.2% in October 2013.
The gross bank credit stands at Rs. 53,236 billion as on November 2013 as compared to Rs. 46,610 billion as on November 2012.
Monthly trend in growth of gross bank credit (%) (YoY)
Source: PHD Research Bureau, compiled from RBI
Credit to industry increased by 13.7% in November 2013 as compared 15.9% in October 2013. Deceleration in credit growth was observed in most sub-sectors barring rubber and plastic products, glass and glassware, vehicles, gems and jewellery and construction.
The services sector credit increased by 18.1% in November 2013 as compared with 21.7% in October 2013. Personal loans increased by 15.2% as compared with 16.4% in October 2013. Growth in the components of personal loans in November 2013 stood at housing (18.1%), advances against fixed deposits (1.5%), advances to individuals against shares, bonds, etc. (17.5%), education (8.3%) and vehicle loans (20.1%).
Deployment of Gross Bank Credit by major sectors (Rs. Billion)
Sector
|
October 2013*
|
November 2013**
|
October 2013^
(Y-O-Y growth)
|
November 2013^^
(Y-O-Y growth)
|
(%)
|
(%)
| |||
Gross Bank Credit
|
52796
|
53236
|
16.6
|
14.2
|
Food Credit
|
866
|
1007
|
(-) 1.6
|
(-) 4.8
|
Non-food Credit
|
51931
|
52230
|
17.0
|
14.7
|
Agriculture & Allied Activities
|
6192
|
6206
|
13.2
|
11.0
|
Industry (Micro & Small, Medium and Large )
|
23565
|
23723
|
15.9
|
13.7
|
Services
|
12472
|
12456
|
21.7
|
18.1
|
Personal Loans
|
9702
|
9844
|
16.4
|
15.2
|
Priority Sector
|
16685
|
17143
|
18.0
|
24.3
|
Source: PHD Research Bureau, compiled from RBI
Note: Data are provisional and are collected on a monthly basis from select 47 scheduled commercial banks accounting for about 95% of the
total non-food credit deployed by all scheduled commercial banks;
* Data pertains as on October 18, 2013, ^ Data pertains as on October 18, 2013 over October 19, 2012
** Data pertains as on November 29, 2013, ^^ Data pertains as on November 29, 2013 over November 30, 2012
Warm regards,
Dr. S P Sharma
Chief Economist
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