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CARE Ratings Research Report
The bank credit growth has been marginally lower when compared with previous fortnight, however it increased by 80 bps from the year ago level of 5.7% (fortnight ended Oct. 9, 2020).
Despite the muted to slower growth in ECLGS during the period under review, bank credit registered YoY growth (as on Sept. 2021 loans sanctioned have crossed Rs 2.86 lakh crore while as on May 2021 Rs 2.54 lakh crore loans were sanctioned i.e., an increase of Rs 0.32 lakh crore between May-Sept. 2021, on the other hand considering the period since the ECLGS scheme was announced on May 13, 2020 - Rs 1.77 lakh crore loans were sanctioned between May 13, 2020 to Sept. 21, 2020).
The increase in bank credit reflects the low base effect and the easing of lockdown restrictions across regions in India, further supported by growth in the retail segment. In absolute terms, credit offtake increased by Rs 6.7 lakh crore over the last twelve months and by Rs 0.6 lakh crore as compared with the previous fortnight.
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