17% spike in bank retail and wholesale bank credit: RBI

BNE News Desk

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New Delhi: The Scheduled Commercial Banks deployed Rs 8.43 lakh crore to retail and wholesale traders in July 2023. In the latest data provided by the Reserve Bank of India stated that the figure is up by 17.1% from Rs 7.20 lakh crore deployed in July 2022.

The year-on-year credit growth to retail and wholesale trade in July last year was 14.2% from Rs 6.30 lakh crore deployed in July 2021.
Retail traders deployed Rs 4.22 lakh crore in bank credit in July. This marked 19.3% growth from Rs 3.53 lakh crore deployed in July 2022.

On the other hand, wholesale traders raised Rs 4.20 lakh crore in July, up by 14.9% from Rs 3.66 lakh crore raised in July last year.

It is to be noted that the overall amount deployed to both wholesale and retail trade was 5.7% of Rs 147.82 lakh crore deployed in total non-food credit deployed across sectors in July.

The latest survey conducted by the retailers’ body Retailers Association of India (RAI), retail sales for the month of July witnessed a growth of 9% year-on-year vis-a-vis 7% in June.

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