Overview of India’s Bank Credit Growth in FY24

- Advertisement -

In the financial year 2023-24, India experienced a growth in bank credit of 15.3% year-on-year (y-o-y), excluding the impact of a merger between a non-bank and a bank that took place on July 1, 2023. When including the merger impact, the growth rate was 19.1%. This growth rate is higher than the 15.8% rise seen in the previous financial year.

Bank branches in rural, semi-urban, and urban areas all recorded similar or higher credit growth compared to the previous year, while metropolitan branches saw a slight moderation in growth. However, all population groups and bank groups maintained double-digit loan growth.

In March 2024, individuals in the household sector accounted for 47.4% of the total bank credit, and other households, such as proprietary concerns, Hindu undivided families (HUF), and partnership firms, accounted for an additional 10.4% share. The share of female borrowers in the banking system has been gradually increasing, with women accounting for 33.6% of loan accounts and 23.4% of the total amount of bank loans to individuals in March 2024.

- Advertisement -

During the financial year 2023-24, all major activities saw double-digit growth in bank credit. The share of personal loans in total bank credit continued to rise and reached 30.4% in March 2024, while the share of the industry declined to 23.2%.

Private sector banks have consistently experienced over 15% growth for three consecutive years, and their share in total credit by Scheduled Commercial Banks (SCBs) increased to 40.6% in March 2024 from 33.4% five years ago and 19.4% ten years ago. On the other hand, the share of public sector banks declined to 51.8% from 73.2% ten years ago.

The lending activities of small finance banks saw rapid growth, resulting in their share in total credit by SCBs increasing to 1.4% in March 2024 from 0.6% five years ago.

- Advertisement -

With the general rise in interest rates, the share of loans bearing an interest rate over 9% increased to 57.8% of total bank loans in March 2024, compared to a share of 56.1% a year ago and 31.4% two years ago.

- Advertisement -

Share this article...

Comments

1 COMMENT

  1. Dear sir,
    My loan EMI is very high
    And my salary is a very less.
    Please sir I have not paid my emi. Because of my salary is very less sir.
    Please accept my request.
    And please help me sir
    Please do the needful sir
    Thanks
    Dilip Ghodake

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More News...

Latest

Finance Ministry to review Pension System, Meeting will be held on this date

Finance Ministry to review Pension System, Meeting will be held on this date

South Bihar Gramin Bank announced strike on 15 and 16 July

South Bihar Gramin Bank announced strike on 15 and 16 July

Salary of Kotak Mahindra Bank’s CEO; Check Salary, Allowances and other benefits

Salary of Kotak Mahindra Bank's CEO, Check Salary, Allowances and other benefits

Central Bank of India held Liable By NCDRC For Overcharging EMI

Central Bank of India held Liable By NCDRC For Overcharging EMI

State Consumer Commission Upholds Canara Bank’s Appeal in Motorcycle Theft Case

State Consumer Commission Upholds Canara Bank's Appeal in Motorcycle Theft Case

Consumer Case Against SBI Cards: Kolkata Commission Orders Full Compensation

Consumer Case Against SBI Cards: Kolkata Commission Orders Full Compensation

Consumer Forum Holds Union Bank of India Liable for ATM Transaction Error

Consumer Forum Holds Union Bank of India Liable for ATM Transaction Error

Bank of Maharashtra Recruitment 2024, 195 Vacancies, Download Notification PDF

Bank of Maharashtra Recruitment 2024, 195 Vacancies, Download Notification PDF

Which is the most powerful country in the world? Top 10 most powerful countries List [Updated]

Which is the most powerful country in the world? Top 10 most powerful countries List

Banker left her job to become YouTuber, She now earns Rs.8 crore a year

Banker left her job to become YouTuber, She now earns Rs.8 crore a year

Latest News