The Reserve Bank data also showed that credit to agriculture and allied activities registered a growth of 15.5% year-on-year (y-o-y) in October 2024, compared to 17.4% seen in the same month of last year.
Among major industries, credit to ‘chemicals and chemical products’, ‘petroleum, coal products and nuclear fuels’, and ‘all engineering’ recorded higher growth in October 2024 as compared to their respective growth rates a year ago.
Personal loans growth decelerated to 15.8% (y-o-y) in October as compared to 18% recorded a year ago, largely due to decline in growth in ‘other personal loans’, ‘vehicle loans’ and ‘credit card outstanding’.
However, ‘housing’ — the largest constituent of personal loans segment — recorded an accelerated growth on year.
RBI further said credit growth to services sector was at 14.1% in October 2024 (20.4% a year ago), primarily due to lower growth in credit to ‘non-banking financial companies’ (NBFCs) and trade segment.
However, growth of credit to ‘commercial real estate’ accelerated in October 2024.
Non-food bank credit in October 2024 grew at 12.8%, as compared to 15.5% a year ago, RBI said.
Data on sectoral deployment of bank credit for October 2024 was collected from 41 select commercial banks, accounting for about 95% of the total non-food credit deployed by all scheduled commercial banks.
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