RBI’s monthly sectoral deployment data continues to show gradual uptick in credit offtake from banking. Growth improved to 6.1% YoY in Sep’17 which had dipped to 4.5% YoY in Apr’17.
Retail continued to lead, with growth returning to pre-demonetisation levels along with services segment which has also seen improved credit offtake. Industry segment continues to be muted and trends remain same from the last few months.
MoM trends suggest offtake has been slightly high in many sectors on back of half yearly closing, but fortnightly credit offtake upto Oct’17 suggest growth is improving. We believe overall loan growth to gradually improve further and to exit at 7-8% YoY, continued to be led by retail credit expansion with support of services, micro segments in industry.
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