Credit growth continued to see gradual uptick to 6.6% YoY in Oct’17 compared to 6.1% YoY seen in Sep’17, although incremental credit MoM saw a decline of 1.5% across all segments as suggested from RBI sectoral credit data. Retail led with 16% YoY growth taking the hare of retail in the overall mix to 24.7%. Services credit growth continued to see decent pick-up, while Agri continued lose momentum in growth. Industry growth which is the largest segment at ~37% continued to witness flattish growth. Key takeaway from recently announced 2QFY18 results has been, growth being led by working capital requirements from GST disruption and retail growth in in auto loans/unsecured lending, while housing/LAP growth was slightly slower. Banks expect loan growth to pick-up in MSME and continue to remain buoyant in retail.
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