Credit in agriculture and allied activities registers growth of 17.7% in August: RBI data

New Delhi: The Reserve Bank of India has released its monthly data on sectoral deployment of bank credit.

The data released yesterday shows that the growth in credit to agriculture and allied activities continued to be robust, with a growth of 17.7 percent in August this year as against the corresponding period last year.

Credit growth to industries also exhibited a growth of nearly 10 percent during the same period. Among major industries, credit to chemicals and chemical products, food processing, petroleum, and infrastructure recorded a higher growth.

In the services sector, however, a decrease in credit growth was registered. It decelerated to 15.6 percent in August this year from 21 percent a year ago.

Lower credit growth in non-banking financial companies is cited as the reason. Growth in personal loans also moderated to 16.9 percent in the same period.