Kolkata: Gold loans and loans to the renewable energy sector have more than doubled while growth in bank credit to non-banking finance companies (NBFC) and housing finance companies (HFC) decelerated, Reserve Bank of India's data showed.
Demand for loans by pledging gold jewelleries continued its surge with the year-on-year growth touching 115% to Rs 3.16 lakh crore at the end of September 19, the last reporting Friday of the month, with the taboo against taking a gold loan, which was once significant in Indian society, is fast diminishing. The growth print was recorded at 51% the same time last year.
The central bank's sectoral data also showed a triple digit growth for renewal energy loans at 119% to Rs 14842 crore, albeit on a low base.
Bank loans to NBFCs grew a modest 3.9% to Rs 15.9 lakh crore at the same time as compared with 9.5% growth a year back. Out of this window, loans to HFCs grew even slower at 0.2% to Rs 3.25 lakh crore against 5.1% print earlier.
Loans given to buy consumer durables shrank 6.2% to Rs 22279 crore as on September ahead of the implementation of the GST rate cut. Credit to personal loans segment also recorded a slower yearly growth of 11.7% as compared with 13.4% a year ago, largely due to moderation in credit card spends and vehicle loans.
Credit to agriculture and allied activities registered a slower yearly growth of 9% against 16.4% in the corresponding fortnight of the previous year. Credit to industry also recorded a slower 7.3% expansion, compared with 8.9% earlier.
Demand for loans by pledging gold jewelleries continued its surge with the year-on-year growth touching 115% to Rs 3.16 lakh crore at the end of September 19, the last reporting Friday of the month, with the taboo against taking a gold loan, which was once significant in Indian society, is fast diminishing. The growth print was recorded at 51% the same time last year.
The central bank's sectoral data also showed a triple digit growth for renewal energy loans at 119% to Rs 14842 crore, albeit on a low base.
Bank loans to NBFCs grew a modest 3.9% to Rs 15.9 lakh crore at the same time as compared with 9.5% growth a year back. Out of this window, loans to HFCs grew even slower at 0.2% to Rs 3.25 lakh crore against 5.1% print earlier.
Loans given to buy consumer durables shrank 6.2% to Rs 22279 crore as on September ahead of the implementation of the GST rate cut. Credit to personal loans segment also recorded a slower yearly growth of 11.7% as compared with 13.4% a year ago, largely due to moderation in credit card spends and vehicle loans.
Credit to agriculture and allied activities registered a slower yearly growth of 9% against 16.4% in the corresponding fortnight of the previous year. Credit to industry also recorded a slower 7.3% expansion, compared with 8.9% earlier.
