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CareEdge Research Report
The credit growth had been muted in the earlier part of the year due to the Covid-19 outbreak and balance sheet deleveraging by large corporates. As a part of policy support, the Reserve Bank of India had reduced policy rates in the earlier part of the pandemic and consequently, interest rates in the banking system have generally trended lower.
However, the interest rate transmission has been uneven with public sector banks passing the rate cuts quicker than the private sector banks.
The credit offtake has improved recently as business activities are picking up and corporates are showing interest in re-leveraging. Credit growth has continued to be bolstered by retail and micro, small and medium enterprises segments.
The rates (lending and deposit) have dipped, and the spread has been maintained. Further, with rising government security yields, the spread between G-sec and lending rates have narrowed.
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