Credit offtake from public and private sector banks in the country grew by 23 per cent to Rs 36.63 lakh crore during the one-year period ended November 19, indicating an upswing in industrial activity, the RBI said.
In the corresponding period last year, credit offtake stood at Rs 29.82 lakh crore.
In its annual monetary policy review earlier this year, the RBI had estimated that credit offtake would grow by 20 per cent this fiscal.
The growth in non-food credit of banks is placed at 20 per cent. As always, these numbers are provided as indicative projections and not as targets.
During the past few months, credit offtake has grown at the rate of 20 per cent on average. Credit offtake has been higher this fiscal on account of large borrowings by telecom firms to pay for 3G spectrum.
The government realised over Rs 1 lakh crore from the sale of spectrum for high speed mobile and broadband wireless services, far higher than the Budget estimate of Rs 35,000 crore.
According to analysts, the demand for credit is good and the country can expect to witness robust growth in the current fiscal.
Ratings agencies like Crisil had earlier said the country is likely to see credit offtake grow at a rate of around 20-22 per cent this fiscal.
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