Mumbai: Non-food banking growth was 5.9 percent in December 2020 compared to 7 percent of the same month last year, RBI data showed. During the reporting month, agricultural debt growth and joint venture accelerated 9.4 percent from 5.3% in December 2019, details on bank lending in December 2020, released by the Reserve Bank of India (RBI), showed.
Loans in the industry earned 1.2 per cent compared to 1.6 per cent growth, mainly due to the decline in debt in large industries by 2.4 per cent compared to 1.8 per cent growth last year.
Central industry debt accounted for a strong 15.3 percent growth compared to 2.5 percent last year; and debt in small and medium-sized enterprises registered a rapid growth of 1.2 percent per month reporting compared to 0.1 percent in the previous year, data has shown.
Within the industry, food processing, precious metals and jewelery, petrol, coal and nuclear oil products, leather and leather products, paper and paper products, mining and quarrying, glass and glass and timber and wood products registered rapid growth in December 2020 compared to the same growth last year.
However, debt growth in rubber plastics and their products, cement and cement products, all engineering, beverages and tobacco, infrastructure, basic metal products and products and construction have been reduced / contracted, the RBI said.
Personal loans have registered a growth rate of 9.5 percent per month reporting compared to 15.9 percent growth in December 2019.
The car loan continued to perform well to register a rapid growth of 7.8% in December 2020 compared to 7.2 percent last year.
Growth in the service sector has accelerated by 8.8 percent in December 2020 from 6.2% in December 2019 mainly after increasing debt growth for transport and trade traders, data has shown.