scorecardresearch
Saturday, Dec 03, 2022
Premium

Non-food credit offtake growth falls

With cash shortage hitting demand, credit growth to agriculture and allied activities fell to 8.2 per cent in December 2016, compared with a rise of 12.7 per cent in December 2015.

economy, economy slowdown, reserve bank of india, RBI, credit growth, cash shortage, business news Even personal loans rose only 13.5 per cent in December 2016, against 18.5 per cent a year ago. Credit to the services sector rose 8.3 per cent in December 2016, 8.1 per cent a year ago.

Indicating the demand slowdown in the economy, the Reserve Bank of India (RBI) on Tuesday said non-food bank credit showed a lower growth of four per cent in December 2016, compared with an increase of 9.3 per cent in December 2015 at a time when the economy was roiled by demonetisation.

With cash shortage hitting demand, credit growth to agriculture and allied activities fell to 8.2 per cent in December 2016, compared with a rise of 12.7 per cent in December 2015.

Watch What Else Is making News

On the other hand, credit to industry contracted 4.3 per cent in December 2016, in contrast with an increase of 4.9 per cent in December 2015. Major sub-sectors which witnessed deceleration/contraction in credit include food processing, infrastructure, chemical and chemical products, all engineering, textiles and basic metal and metal products, the RBI said.

Even personal loans rose only 13.5 per cent in December 2016, against 18.5 per cent a year ago. Credit to the services sector rose 8.3 per cent in December 2016, 8.1 per cent a year ago.

Subscriber Only Stories
Delhi Confidential: Why CJI Chandrachud says children should be taught as...Premium
Shaped by war: Ukraine artist to showcase work at Kochi-Muziris BiennalePremium
Most drones crossing border originate from Pak Rangers outposts: AgenciesPremium
Azam in shadows, among Rampur’s Muslims, anxiety, yearning for changePremium

First published on: 01-02-2017 at 03:14:22 am
Next Story

Bhopal jail guards to get NSG training

Latest Comment
Post Comment
Read Comments
Advertisement
Advertisement
Advertisement
Advertisement
close