Bank credit to industry grows slower y-o-y in March

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Bank credit to industry grew 13.1 per cent to Rs 25.23 lakh crore in March, 2014, slower than than in the year ago month, as demand from mining, textile, fuel, engineering and infrastructure segments decelerated.

Credit to the sector showed an increase of 15.1 per cent in March, 2013 (Rs 22.3 lakh crore).

"Deceleration in credit growth was observed in respect of mining and quarrying, textiles, wood and wood products, petroleum and coal product, chemical and chemical products, glass and glassware, cement and cement products, basic metals, engineering, gems and jewellery and infrastructure," RBI said in a release on Sectoral Deployment of Bank Credit–March 2014.

Credit to non-food sector increased faster, with growth of 14.3 per cent to Rs 55.66 lakh crore in March 2014. In the year ago period, it rose by 13.5 per cent at Rs 48.70 lakh crore.

Loan to agriculture and allied activities increased by 13.5 per cent to Rs 6.70 lakh crore.

Personal loans increased by 15.5 per cent in March, 2014 to Rs 10.36 lakh crore.

Loans to the services sector were up 16.1 per cent to Rs 13.37 lakh crore.

For the non-banking financial companies (NBFCs) sector, credit rose 13.2 per cent in March 2014 to Rs 2.95 lakh crore.

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