Bank Advances to NBFCs in the month of August has remained healthy

By | September 7, 2011

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.

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.
Category: Articles Glossary Tags: , ,

About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

Leave a Reply

Your email address will not be published. Required fields are marked *