Non-food credit of scheduled commercial banks rise by 12.4 pct in August
- Country:
- India
The non-food credit of scheduled commercial banks rose by 12.4 percent in August, against a rise of 5.5 percent in the year-ago month, RBI data showed.
In the reporting month, loans to agriculture and allied activities increased by 6.6 percent, compared with an increase of 6.5 percent last year. Personal loans were up by 18.2 percent, against an increase of 15.7 percent in August 2017, the data showed.
Bank advances to industry rose by 1.9 percent during the reporting month, compared with a contraction of 0.3 percent last year same month.
"Credit to major sub-sectors such as infrastructure, textiles, chemical, and chemical products and all engineering accelerated," the apex bank said in a release.
However, credit to basic metal and metal product, cement and cement products, gems and jewelry and paper and paper products contracted in August 2018.
The services sector loans expanded by 26.7 percent in August 2018, compared with that of 5 percent in August last year.
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