Non-food credit growth of commercial bank nearly halved to 4.8 per cent in November from 8.8 per cent in the same period last year, showed the Reserve Bank data. This is also slower than in the previous month in October, when non-food bank credit rose 6.7 per cent aganint 8.3 per cent a year ago. loans to industry contracted by 3.4 per cent in the reporting month in contrast with an increase of 5 per cent in the year-ago month, the central bank said on Friday. “Major sub-sectors which witnessed deceleration or contraction in credit include infrastructure, food processing, chemicals and chemical products, engineering, textiles and basic metals and metal products,” stated the RBI data on sectoral deployment of bank credit for November.
