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HDFC Securities Report
While non-food credit growth sustained at 6.7% YoY (6.7% in June), its drivers changed significantly.
Industrial credit growth slowed to 0.8% YoY, from 2.2% in June, and personal loan growth increased to 11.2% YoY (versus 10.5% YoY in June).
Service credit growth dipped 60 basis points from June levels to 10.1% YoY.
Agriculture credit growth improved 300 basis points month on month to 5.4% YoY.
The slight increase in personal loan growth and sustenance of the pace of service credit growth are promising, but it remains to be seen whether these trends are sustainable, especially after repayments/ collections increase as the moratorium ends.
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