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ARTICLE · 06 NOVEMBER 2024

AKP Banking & Finance Digest- November 04, 2024

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The Reserve Bank of India ("RBI") has published data indicating that non-food bank credit grew by 14.4 per cent (fourteen point four per cent) year-on-year in September 2024...

GlobalFinance and Banking
Anuroop Omkar
Anuroop Omkar

1. Regulatory Updates

1.1. India

1.1.1. RBI releases data on sectoral deployment of credit for September 2024

The Reserve Bank of India ("RBI") has published data indicating that non-food bank credit grew by 14.4 per cent (fourteen point four per cent) year-on-year in September 2024, slightly lower than the 15.3 per cent (fifteen point three per cent) growth recorded a year earlier. Credit to agriculture was steady at 16.4 per cent (sixteen point four per cent), while industry credit rose to 9.1 per cent (nine point one per cent), driven by growth in chemicals, food processing, and engineering. Credit growth to the services sector slowed to 15.2 per cent (fifteen point two per cent), mainly due to reduced lending to Non-Banking Financial Companies ("NBFCs"), though commercial real estate saw gains. Personal loan growth moderated to 16.4 per cent (sixteen point four per cent), with slower growth in vehicle and credit card loans, while housing credit

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