Banks lent Rs 21.56 lakh crore to Maharashtra of the total Rs 87.67 lakh crore lent in the country in the last financial year.
24.6% of the total bank loans in the last financial year were given to Maharashtra, according to the Reserve Bank of India, reported The Indian Express.
The report titled Basic Statistical Returns of Scheduled Commercial Banks in India — Volume 47 said that banks had lent Rs 21.56 lakh crore to Maharashtra of the total Rs 87.67 lakh crore lent in the country. The data pertains to March 31, 2018, last day of the 2017-18 financial year.
The maximum share of the credit went to the state’s industry – about 39.6% or Rs 8.53 lakh crore, reflecting Maharashtra as among the most industrialized states. The all-India credit to industry is at 3.66%.
Construction (9.15%), basic metals (6.24%), and electricity, gas and water (5.44%) were the major areas where credit was allocated.
Agriculture, however, lagged with only Rs 92,707 crore or about 4.3% of the credit amount lent to the sector in comparison to 13.68% on an all-India basis.
Finance companies were allocated the second highest credit amount – Rs 4.1 lakh crore or 19.4% of the total bank loans to the state. The all-India average is 8.31% that underlines Maharashtra’s status as India’s financial capital.
The state’s share is at 57.4% of the overall bank credit given to finance companies in the country. Finance was followed by personal loans amounting to Rs 3.82 lakh crore or 15.68% of the total credit given within Maharashtra.