According to latest data released by the Reserve Bank of India, banks advances in the sectors like non-banking financial companies (NBFCs), industry, personal loans and services have remained healthy in the month of August.
Reports said that the credit off-take in the services sector, led by a 55 per cent growth in advances in the NBFCs sector, went up by 20.6 per cent to Rs 9.01 lakh crore compared to Rs 7.47 lakh-crore a year ago. The credit to the NBFCs sector was at 1.74 lakh crore.
Reports said that the growth in advances as personal loans was 15.7 per cent against 7.9 per cent a year ago. Also the total outstanding bank credit in personal loans was at Rs 7.04 lakh-crore. It also said that the total credit deployed by the scheduled commercial banks in the industry had increased by 23.6 per cent to Rs 17.14 lakh crore.
The growth in credit was at 13.3 per cent in the micro and small industries, advances in the medium and large industries were higher by 30.2 per cent and 24.7 per cent respectively.
The total non-food credit as on August was Rs 37.59 lakh-crore and the total gross bank credit by the scheduled commercial banks as on August 26 stood at Rs 38.30 lakh-crore, up 20.2 per cent compared to Rs 31.86 lakh-crore reported a year ago.