The banking sector has witnessed a significant surge in non-food credit growth to 19.9% YoY, following the amalgamation of HDFC twins, as reported on Wednesday. The retail portfolio, primarily driven by individual loans, has seen a substantial increase of 31%, with both the services segment and industry also registering growth.
Despite facing pressures during FY23, deposit growth has rebounded from 9.6% in March to 13.6% in September 2023. A slight decline was observed for non-banking financial companies and other personal categories in August 2023.
Looking ahead, the banking sector anticipates future credit growth to be between 14-15%, predominantly led by retail loan growth. HDFC Bank Ltd., ICICI Bank Ltd., and City Union Bank Ltd. have emerged as the leading choices in the banking sector.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.