In comparison to the same period last year, the banking system's credit growth increased to 14 per cent at the end of the June quarter, the RBI reported on Friday.
According to the Reserve Bank of India (RBI), the figures based on information from 89 scheduled commercial banks, excluding the performance of regional rural banks, are much higher than the growth rates of 10.7 per cent in the previous March quarter and 5.8 per cent in the June 2021 quarter.
According to the data, personal loan growth, which was 20.8 per cent in June 2022, was the key driver of system-wide credit expansion. This growth occurred despite a 0.31 per cent increase in WALR in this sector.
The central bank reported that working capital loans and term loans both had double-digit growth in the June 2022 quarter, increasing credit to industry by 7.2 per cent from the quarter before.
According to the report, the proportion of individuals in total credit climbed from 43.7 per cent in the previous quarter to 44.1 per cent in June 2022.
According to the report, loans taken out by female consumers increased faster than loans taken out by male clients.
It added that the share of private sector banks in overall credit has climbed to 38 per cent from 35.3 per cent in June 2020 and 22.2 per cent in June 2015, with private sector banks continuing to record faster credit growth than their state-run competitors.
According to the statement, the private sector lenders accounted for 47.8 per cent of the additional credit for the year that ended on June 30, 2016.
(With inputs from PTI)
