
Retail, NBFCs drive credit offtake in FY23
India's gross bank credit off-take rose 15% in FY23 to ₹136.8 lakh crore. The growth was led by sectors such as NBFCs, personal loan and services segments.
India's gross bank credit off-take rose 15% in FY23 to ₹136.8 lakh crore. The growth was led by sectors such as NBFCs, personal loan and services segments.
Closer reading of numbers show claim of economic boom is misplaced
Growth in credit was led by bank branches in metropolitan centres, says RBI.
Incremental growth in FY22 over FY21 was ₹9.41 lakh crore.
Credit to MSMEs has seen a significant increase in part assisted by the introduction of the Emergency Credit Line Guarantee Scheme (ECLGS), says Economic Survey.
India is a bright spot in an otherwise gloomy world; inflation remains elevated but breather in Nov, Dec, says Das.
The RBI says the gross NPA ratio of the scheduled commercial banks continued to decline and stood at a seven-year low of 5% in September 2022.
RBI says $30.4 bn worth of foreign exchange reserves were depleted in Q2 vs an accretion of $31.2 bn a year before. FDI inflows at $20 bn in H1 marginally declined from $20.3 billion a year before.
As credit offtake improves due to growing corporate interest and optimism around GDP growth, the banking sector is set to reap the riches.
Total bank credit rose by 16.4% on a YoY basis as of Sep’22, supported by higher non-food credit demand.