Non-food credit growth in the fortnight ending 27 September slowed to as low as 8.7% year-on-year to ₹97.11 trillion, central bank data showed. The banking system had last registered a single-digit growth of 9.9% in total non-food credit in the fortnight ending 8 December 2017. Of the incremental non-food credit flow during the year (August 2019 over August 2018), personal loans accounted for the largest share, followed by services and industry. Within personal loans, credit offtake has been broadly concentrated in two segments—housing and credit card outstanding. The RBI’s report also showed that the slowdown in credit growth was led by public sector banks and private sector banks.

Source: Mint October 11, 2019 17:15 UTC