The credit dispensed by commercial banks in India rose by 6.47 per cent on a year-on-year basis (Y-o-Y basis) to Rs 110.3 trillion as of October 08, 2021, according to RBI data. The pace of credit is shed higher than 5.7 per cent a year ago. But, it remains below the pre-pandemic level of 8.9 per cent in October of 2019.

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Usually, the month of October marks the beginning of the second half of the financial year and the start of a busy season with traction for higher demand for loans from corporates, businesses and retail segments.

Meanwhile, CARE Ratings, in the analysis of credit in the second half of the last ten years, said the Indian economy appears to be in the take-off stage post the opening of the economy after the second lockdown in April 2021.

With the economy picking up further in the second half, it may be expected that there will be a higher demand for credit and overall growth of around 8-10 per cent for the year (Fy22), the rating agency said.

So far this year, the growth in the significant banking indicators has been mixed. Growth in deposits has slowed down.