The Reserve Bank of India has said that the credit off-take by the real estate sector grew by 20.4 % on a y-o-y basis in December 2010 as compared with a growth of 14.5 % in the previous year. On a financial year basis, it grew 14.4 % against a decline of 5.3 % a year ago.
The non-food gross bank credit grew by 23.1% in December 2010 as compared with a growth of 11.5 %in the corresponding period of last year.
During the financial year (up to December 2010), non-food gross bank credit grew by 11.6% as compared with a growth of 5.9% during the corresponding period of previous year. All major sectors, except agriculture, recorded accelerated credit growth in December 2010, both on a y-o-y and financial year basis.
Credit to industry grew by 27.4% in December 2010 as compared with an increase of 15.7% in the previous year, led by infrastructure, engineering and cement & cement products. Credit to the services sector grew by 25%in December 2010 compared with a growth of 11.5 % in the previous year. In FY11, it grew by 13.8% as compared with an increase of 2.4% during the corresponding period of FY10. On a y-o-y basis, personal loans grew by 13.4 % in December 2010 against a decline of 0.4 % in the previous year.
Credit to agriculture grew by 21% in December 2010 as compared with a growth of 20.3% in the previous year. During FY 11, credit grew 1.2% compared with an increase of 2.8% a year ago.