The Reserve Bank of India (RBI) has revealed a significant increase in bank credit growth across various sectors, as well as a decrease in interest rates on fresh loans and deposits during the month of September this year.
In its latest data release, the Reserve Bank of India (RBI) has reported a considerable surge in non-food bank credit, with growth of 19.1 per cent year-on-year as of 30th September 20XX compared to 11.2 per cent in the corresponding period last year. The services sector experienced the highest growth rate at 28.3 per cent, while both agriculture and industry sectors recorded a growth of 19.5 per cent each.
The personal loans segment also demonstrated a considerable increase in growth with a 17.3 per cent expansion, as compared to 11.5 per cent during the same period last year.
Additionally, the RBI data indicates that the weighted average lending rate on fresh rupee loans has decreased from 8.61 per cent in August to 8.51 per cent in September. The rate on outstanding loans remains unchanged at 8.96 per cent. Similarly, interest rates on fresh term deposits have dropped from 5.67 per cent to 5.61 per cent.
The RBI's provisional data further reveals that services exports in September increased over $39 billion USD, marking a growth of 7.2 per cent year-on-year. Imports rose by 12.6 per cent to surpass $20 billion USD, leading to a trade surplus of approximately $19.2 billion USD for the services sector.
Source:
Akashvani News
