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ICICI Securities Report
Banks' sectoral credit deployment data for July 2023 (as of July 28, 2023) suggests non-food credit stands at Rs 147.8 trillion, up 19.8% YoY on reported basis.
However, the reported July 2023 data includes the impact of merger of a non-bank with a bank, hence is not comparable.
Adjusted for the merger, we calculate non-food credit systemic growth stands at 14.8% YoY and -1.4% month-on-month.
There is moderation in adjusted credit growth YoY for all four sub-segments. Growth trend across verticals was as follows: 19.4% YoY (26.7% in June 2023) and (2.5%) month-on-month in services, 18.4% YoY (20.9% in June-23) and (0.1%) month-on-month in retail; 16.8% YoY (19.7% in June-23) and (0.6%) month-on-month in agriculture and, lastly, 5.2% YoY (8.1% in June-23) and (2.2%) month-on-month in industry.
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