Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
  • SBI Life
  • DSP Mutual Fund
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now
Budget 2023
Budget 2023
you are here: HomeNewsBusiness

Bank credit to industry recorded ‘nil’ growth in September on YoY basis, shows RBI data

On a year-on-year basis, overall bank credit growth decelerated to 5.8 percent in September this year, as compared with 8.1 per cent in the year-ago period.

October 29, 2020 / 07:37 PM IST

COVID-19 has severely impacted bank credit flow to multiple sectors and this is reflected in the latest data from the Reserve Bank of India (RBI) on sector-wise credit growth.

On a year-on-year basis, overall bank credit growth decelerated to 5.8 percent in September this year as compared with 8.1 percent in the year-ago period.

Most worryingly, credit growth to industry recorded ‘nil’ growth in September 2020, as compared with 2.7 percent growth in September 2019, the RBI said.

Bucking the downtrend, credit growth to the services sector accelerated to 9.1 percent in September 2020 from 7.3 percent in September 2019, the RBI said.