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HDFC Securities Report
The downtrend in non-food credit growth persisted, unsurprisingly, with YoY growth reaching 5.6%, the slowest in a little over three years.
This trend was led by a de-growth in industrial credit and sluggish personal loan and service credit growth.
We expect non-food credit growth to remain range bound in the near term, as an uptick in disbursals will continue to be met by a corresponding rise in repayments, which have increased significantly, as suggested by Q2 FY21 commentary.
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