Mumbai: Non-food credit of scheduled commercial banks rose 13 percent year-on-year to Rs 55,89,500 crore in May from Rs 49,44,700 crore in the same period last year.
Credit to agriculture rose by 16.8 per cent to Rs 7,04,500 crore in the reporting month, up from 11.7 per cent in May 2013. Banks' lending to industry increased by 11.4 per cent in the month as compared with an increase of 15.9 per cent in the same period last year.
Deceleration in credit growth to industry was observed in all the major sub-sectors, barring mining and quarrying, beverage and tobacco, petroleum, coal products and nuclear fuels, rubber, plastic and their products, glass and glassware, cement and cement products, vehicles and construction, the central bank said.
Services sector saw an increase of 13.6 percent to Rs 13,16,400 crore in the credit given by banks during the month. Credit to the sector had increased by 14.5 percent in May 2013.
Credit to non banking financial companies (NBFCs) surged by 19.7 percent during the month as compared with the increase of 1.9 per cent in the corresponding month last year. Personal loans increased by 14 percent in May as compared with the increase of 17.1 percent in May 2013, the RBI data showed.