Credit Growth Of Banks Remains Flat In Near Term: Report

The bank credit growth remained flat over the last fourteen days and was restricted from declining further as customers had started purchasing due to the festive season leading to retail demand along with various online shopping portals offering Diwali sale offers, according to a recent research report released by CARE Ratings. According to data complied by the report, the credit growth of banks declined to 5.7 per cent and 5.8 per cent during the last two fortnights, as compared to last year’s level of 8.1 per cent and 8.0 per cent, respectively ((as of November 08, 2019 and November 22, 2019) reflecting a subdued demand and risk aversion in the banking system towards the corporate segment.

Banks such as Axis Bank, HDFC Bank, ICICI Bank, and others had announced various offers to push the retail credit. Additionally, the bank credit growth was also supported by disbursements under the emergency credit line guarantee scheme (ECLGS) which has been extended further till March 31, 2021.

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