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Bank Loan Growth Drops to 5.1%
June 15, 2017
As per RBI data, the credit growth of Indian banks has dropped to 5% on a year-on-year basis for the fortnight ending on May 26. Experts say that the slow economic growth can impact the credit demand for several months. Moreover, India is no longer the world’s fastest growing economy. At 6.9% growth, China has surpassed India which stood at 6.2 GDP in the March Quarter.
With Goods and Services Tax to be rolled out on July 1, it’s expected to further hamper the economy growth. It may take a few months before the economy returns to normalcy.
