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Bank lending to private corporate sector grew 14.9% in September

Mumbai: Bank lending to the private corporate sector grew 14.9% in September 2023.  It was at 14.7% a year ago. Data released by the  Reserve Bank of India (RBI) revealed this.

Meanwhile, the  share of term deposits bearing a 6 to 8% interest rate rose to 78.6% in September 2023. It was at  12.5% in March 2022. Term deposits accounted for over 89% of the incremental deposits during Q2 2022-23.

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According to data on outstanding credit of banks at September-end 2023, loans to industry accounted for nearly one-fourth of total bank credit. Loans to industry increased by 8.6% (year-on-year) in September 2023 (against 12.3% a year ago). Working capital loans growth has remained in double digits for the last six quarters.

‘Bank lending to the private corporate sector recorded robust growth and accelerated to 14.9 per cent (year-on-year) in September 2023 from 11.5 per cent a quarter ago and 14.7 per cent a year ago,’ the RBI said.

The share of personal loans in bank credit has successively increased to over 30% from 22% share five years ago. The  share of female borrowers in total bank credit as well as in loans to individuals has been rising in the recent period.



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