Bank credit growth to industry decelerated to 6.1% in November versus 13% a year ago, data from the Reserve Bank of India (RBI) showed.

Among major industries, year-on-year credit growth to basic metal & metal products, food processing and textiles accelerated in November 2023 as against the year-ago period. On the other hand, credit to all engineering, chemicals & chemical products, and infrastructure decelerated.

Credit growth to agriculture and allied activities accelerated to 18.2% in November from 14% a year ago.

According to the RBI data on ‘Sectoral Deployment of Bank Credit -- November 2023’, personal loan growth decelerated to 18.6% in November compared to 19.9% a year ago, due to moderation in credit growth to housing.

Credit to the services sector grew 21.9% in November compared to 21.3% a year ago. Credit growth to non-banking financial companies (NBFC) tapered down during the month.

The RBI said the data has been collected from 41 scheduled commercial banks, accounting for about 95% of the total non-food credit deployed by all banks.

Non-food bank credit registered a growth of 16.3% in November as against 17.6% a year ago, the RBI added.