Non-Food Credit Off-Take Witnesses Slowdown In Dec, Dips To 15.4% Y-O-Y (01-Feb-2012)
Reflecting the impact of the high interest rate regime, all segments, including farm sector, services, industry and personal loans, reported lower credit growth off-take in December. As per the data released by the Reserve Bank of India (RBI), growth of non-food credit off-take from banks by major sectors dipped to 15.4% in December.
This is the lowest rate so far in this fiscal. The growth has almost halved from the 27.2% figure registered in the same month of 2010. Total non-food credit disbursement stood at Rs 40.45 lakh crore in December, up from Rs 35.05 lakh crore in the same month of the previous financial year. Credit to agriculture increased by a dismal 5.6% in December 2011, as compared to 25.4% in the previous year. As per the data, total credit disbursement to agriculture and allied areas grew to Rs 4.60 lakh crore in December 2011.
Credit to industry increased by 19.8% in December 2011, down from 31.6% for the same period last year. Total credit disbursement to industry - which includes infrastructure, metals, food processing, rubber, plastic and their products and engineering - was Rs 18.58 lakh crore in December 2011.
Bank credit to the services sector increased by 14.9% y-o-y in December 2011, lower than 29.5% recorded in the previous year. The sector saw bank credit off-take rise to Rs 9.84 lakh crore in December this year. Within the services sector, transport, computer software, tourism and commercial real estate witnessed slower growth in credit off-take whereas disbursements to retail trade went up only marginally.
Credit to Non Banking Financial Companies (NBFCs) increased by 36.2% in December, 2011, as compared with 50.1% in the previous year. Bank credit disbursement to the NBFCs stood at Rs 2.10 lakh crore in December this year. Personal loans increased by 12.3% in December, 2011, as compared with 16.7% in the previous year.
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