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IDBI Capital Report
Credit growth in the country for August was 6.0% YoY and it was lower than July 2020 growth rate of 6.7%.
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August growth was led by agriculture and retail credit while industry growth was up only 0.5% YoY (down 1.5% month on month growth).
Agriculture credit growth seen a drop to 4.9% YoY versus 5.4% YoY in July (down 0.1% month on month). However; Industry growth slightly decline to 0.5% YoY (0.8% YoY in July).
Service credit grew by 8.6% YoY and this was lower than 10.1% YoY growth registered in July and also month on month to 0.2%.
Retail growth decline to 10.6% YoY from July 11.2% YoY (surprise upsurge in July) however; decline in growth in consumer durables to down 0.8% month on month, vehicles seen slight drop to 1.0% month on month and also fall in other personal loans to 1.3% month on month.
Overall, the demand for credit continues to be muted and in august no revival is seen despite relaxation in lockdown.
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