Ahead of festive season, credit offtake remains strong in July 2022

The pace of bank lending remained strong in July 2022, ahead of the festive season, with sectors posting year-on-year (YoY) growth between 10.5 per cent and 18.8 per cent.

Reserve Bank of India (RBI) data showed that credit to industry grew 10.5 per cent in July 2022 against a mere 0.4 per cent in July 2021.

Size-wise, credit to medium industries grew 36.8 per cent YoY in July against 59 per cent in the same month last year. Credit growth of micro and small industries rose to 28.3 per cent from 10.5 per cent a year ago.

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