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ICICI Securities Report
In this series of Indian States Banking Barometer, we deep-dive into one of the leading and dominant Gujarat market, which commands 5% share in bank credit / deposit. Distinct characteristics of the state include:
Credit-heavy market with private banks/small finance banks credit-deposit ratio at more than 100%. However, public sector undertaking banks and State Bank of India pull state average down to 79%;
Gross value added is largely led by industry and manufacturing, and state credit to gross domestic product remains lower at ~39%.
Industry and retail loans contribute majorly to state credit; private banks are dominant in retail loans (housing and credit card in particular).
Share of small loans in state credit is ~5% versus national average of 9%.
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