Bank credit grows slower in January

Data from the Reserve Bank of India (RBI) shows that bank credit to industry expanded at a slower pace of 15.2 percent in January compared to 20.2 percent in the year-ago month.

Credit to the services sector increased 12 percent in January compared to 15.1 percent in the year-ago month.

The RBI data shows that non-food credit expanded 14.6 percent in January, slower than 15.9 percent a year ago. Banks’ credit to the agriculture sector increased 19.8 percent in January, up from 6.3 percent a year ago, it said.

However, credit to sectors such as chemicals, coal products and nuclear fuels, wood and leather grew faster than a year ago, data shows.