Personal loan growth rises to 16.9% in August: RBI
The growth print was 11.9% in the same period last year.
However, while segments such as housing and vehicle loans show higher growth print as compared to the year-ago period rates, the pace of growth in credit card outstanding and loans against gold jewellery decelerated.
Housing loans, the biggest contributor in the personal loan pie, grew 11.1% year-on-year to Rs 35.6 lakh crore, against 9.7% print a year prior. The personal loan outstanding was at Rs 72.9 lakh crore,
Vehicle loans grew 19.7% to Rs 7.8 lakh crore as compared with 8.7% growth a year back.
Gold loans, which has seen a phenomenal expansion last year with 130% surge, saw a moderated 83.2% rise to Rs 5.6 lakh crore. Most banks do not classify agriculture loans backed by gold ornaments as collateral as gold loans.
Credit card outstanding grew 3.6% to about Rs 3 lakh crore, against a 4.4% expansion a year prior.Bank credit to agriculture and allied activities registered a 17.2% year-on-year jump to Rs 27.3 lakh crore against 7.6% same time last year
Credit to industry recorded a 18.2% rise to Rs 45.8 lakh crore against 7% in the corresponding period a year prior. Credit to services sector registered a year-on-year growth of 24.3% to Rs 63 lakh crore, data released on Wednesday showed.
