Credit offtake rises 8 per cent in February

Aided by a pick-up in credit score development by the agriculture and trade segments, non-food financial institution credit score registered a development of 8.0 per cent in February 2022 as in comparison with 6.6 per cent a 12 months in the past.

According to the most recent RBI information, credit score to agriculture and allied actions continued to carry out effectively, registering an accelerated development of 10.4 per cent in February 2022 as in comparison with 8.6 per cent in February 2021.

Credit development to trade accelerated to six.5 per cent in February 2022 from 1.0 per cent in February 2021, the RBI mentioned. Size-wise, credit score to medium industries registered excessive development of 71.4 per cent in February 2022 as in comparison with 30.6 per cent final 12 months.

The central financial institution mentioned credit score development to micro and small industries accelerated to 19.9 per cent from 3.1 per cent and credit score to massive industries recorded a marginal development of 0.5 per cent towards a contraction of 0.6 per cent throughout the identical interval.

It mentioned credit score development to companies sector stood at 5.6 per cent in February 2022 as in comparison with 8.8 per cent a 12 months in the past. Within companies, credit score development to NBFCs improved considerably to 14.6 per cent in February 2022 from 7 per cent a 12 months in the past, the RBI mentioned.

Personal loans section continued to increase at a sturdy charge and grew by 12.3 per cent in February 2022 from 9.6 per cent in February 2021, pushed primarily by housing loans and automobile loans, it mentioned.

Within trade, credit score development to all engineering, chemical substances & chemical merchandise, meals processing, infrastructure, leather-based & leather-based merchandise, mining and quarrying, petroleum, coal merchandise & nuclear fuels and rubber plastic & their merchandise accelerated in February 2022 as in comparison with the corresponding month of the earlier 12 months, the RBI mentioned.

However, credit score development to fundamental steel & steel merchandise, beverage and tobacco, cement & cement merchandise, development, glass & glassware, gems & jewelry, paper & paper merchandise, textile, autos, automobile elements & transport gear and wooden & wooden merchandise decelerated/contracted.