Credit To Medium Size Industries Grew 48.6% In October: RBI Data

Credit to medium industries saw a remarkable growth of 48.6 per cent in October 2021 size-wise compared to 20.8 per cent growth seen in the corresponding month of last year, according to Reserve Bank of India's (RBI) data.

Personal loans segment witnessed a decent growth of 11.7 per cent in October 2021, compared to 8.7 per cent growth in October 2020, as there was a surge in housing and vehicle loans compared to loans against gold jewellery, the central bank said.

Credit growth to micro and small industries had jumped to 11.9 per cent in October 2021 from a meagre 0.7 per cent in October 2020, the central bank data noted further.

In the case of large industries, credit growth was 0.5 per cent in October 2021 as compared to a contraction of 1.8 per cent seen in October 2020.

RBI compiles data on sectoral deployment of bank credit from select 33 scheduled commercial banks, which account for about 90 per cent of the total non-food credit deployed by all scheduled commercial banks.

Agriculture credit saw a 10.2 per cent growth in October 2021, while the growth in October 2020 was 7.2 per cent in the corresponding month of last year.

Credit growth in services sector however saw a negative downturn as it decelerated to 2.9 per cent in October 2021 from 8.6 per cent in October 2020.