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Banks loans rise 19.8% in July on HDFC merger impact
September 01, 2023
Bank loans rose 19.8% year-on-year (y-o-y) in July aided by the impact of the merger of Housing Development Finance Corporation with HDFC Bank. In addition, a growth in personal loans also lifted the overall loan growth.
Non-food credit stood at ₹147.8 trillion as on July 29. In comparison, non-food credit had risen 15.1% y-o-y.
Personal loans rose 31.7% y-o-y to ₹47.3 trillion as of July 29. Of this, housing loans rose 37.4% y-o-y, credit card outstanding rose 31.2% y-o-y, and other personal loans rose nearly 29% y-o-y. Advances against fixed deposits witnessed a healthy 24.2% y-o-y.
The growth in personal loans has come at a time when the RBI has been vigilant over the rise in share of unsecured personal loans.
Loans to this industry rose 6% y-o-y to ₹34 trillion as on July 29. Specifically, loans to micro and small industries rose 10.2% y-o-y. Loans to medium and large industries rose 9.7% y-o-y and 4.3% y-o-y, respectively.
Loans to non-banking financial services companies (NBFCs) rose 24% y-o-y to ₹13.8 trillion as of July 29.
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- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://ask.careers/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/
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