The personal loans sector registered an accelerated growth of 11.9 percent in June 2021: RBI

RBI further said the credit growth to industry contracted by 0.3 per cent in June 2021 from 2.2 per cent growth in June 2020

Personal loans registered an accelerated growth of 11.9 per cent in June 2021 as compared to 10.4 per cent recorded last year, according to data released by the Reserve Bank of India (RBI) on Friday.

“Personal loans registered an accelerated growth of 11.9 per cent in June 2021 as compared to 10.4 per cent a year ago, primarily due to accelerated growth in loans against gold jewellery and vehicle loans” the RBI said. The apex bank also said that on a year-on-year basis, non-food bank credit growth stood at 5.9 per cent in June 2021 as compared to 6 per cent in June 2020.

“Credit to agriculture and allied activities continued to perform well, registering an accelerated growth of 11.4 per cent in June 2021 as compared to 2.4 per cent in June 2020,” the RBI data showed.

RBI further said the credit growth to industry contracted by 0.3 per cent in June 2021 from 2.2 per cent growth in June 2020. Credit growth to the services sector decelerated to 2.9 per cent in June 2021 from 10.7 per cent in June 2020.

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