Search
Bank credit to retail, wholesale trade jumps 17%
September 06, 2023
Scheduled commercial banks in the country deployed ₹8.43 lakh crore to retail and wholesale traders in July this year, up by 17.1 per cent from ₹7.20 lakh crore deployed in July last year, as per the latest data by the Reserve Bank of India (RBI) on bank credit deployment to various sectors. The YoY credit growth to retail and wholesale trade in July last year was 14.2 per cent from ₹6.30 lakh crore deployed in July 2021.
While retail traders were deployed ₹4.22 lakh crore in bank credit in July, up 19.3 per cent from ₹3.53 lakh crore deployed in July 2022, wholesale traders (other than in food procurement) raised ₹4.20 lakh crore in July, up by 14.9 per cent from ₹3.66 lakh crore raised in July last year. The overall amount deployed to both wholesale and retail trade was 5.7 per cent of ₹147.82 lakh crore deployed in total non-food credit deployed across sectors in July.
In July 2021, the categorization of retail and wholesale trade was expanded to be included within the MSME definition, aiming to provide them with advantages like access to priority sector lending from banks. Consequently, retailers and wholesalers were required to complete their registration on the government’s MSME registration portal called Udyam.
According to the latest survey by retailers’ body Retailers Association of India (RAI), retail sales for the month of July witnessed a growth of 9 per cent year-on-year vis-a-vis 7 per cent in June.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/