Non-food credit inches up 4.5% in April as industries contract
The first month of the new fiscal year failed to cheer banks with non-food credit growing at a moderate 4.5 per cent to Rs 68,48,900 crore in April from Rs 65,51,500 crore a year ago, pulled down by a 1.4 per cent contraction in industrial credit demand, shows RBI data.
In the same period last year, non-food credit had grown by 8.5 per cent.
Personal loans in the month rose by 14.4 per cent to Rs 16,13,200 crore, lower than the increase of 19.7 per cent in April 2016.
Loans to agriculture and allied activities rose by 7.4 per cent in April 2017, lower than the 15.3 per cent growth in April 2016.
Advances to the industry contracted by 1.4 per cent in April in contrast with an increase of 0.1 per cent in the same month last year.
"Credit growth to major sub-sectors such as infrastructure, food processing, basic metals and metal products and textiles decelerated/contracted," RBI data on sectoral deployment of bank credit for April showed.
Credit growth to petroleum, coal products and nuclear fuels, rubber, plastic and their products, vehicles, vehicle parts and transport equipment and gems and jewellery sectors accelerated.
Services sector saw an increase of 4.1 per cent in advances in April, lower than the increase of 10.9 per cent in April 2016, the RBI said.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
10:07 AM IST