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Indian bank credit growth hit a record low in fiscal 2020-21 and is expected to languish near those levels this year as a massive surge of Cvoid-19 infections risks denting India s economic recovery and forces lenders to turn cautious again.
Credit growth touched a record low of 5.6 per cent in financial year 2021, recently released Reserve Bank of India (RBI) data showed, and it slipped even further in April. We were estimating credit growth of 8-9 per cent for this financial year, but due to the rise in Covid-19 cases, a higher mortality rate and lockdowns in several parts of the country, downward risks have arisen, said Karthik Srinivasan, analyst at ICRA.
IndiaIndiaâs credit growth may dip further after touching record low
Swati BhatNupur Anand
3 minute read
Commuters walk past a bank sign along a road in New Delhi, India November 25, 2015. REUTERS/Anindito Mukherjee/File Photo
Indian bank credit growth hit a record low in fiscal 2020-21 and is expected to languish near those levels this year as a massive surge of COVID-19 infections risks denting Indiaâs economic recovery and forces lenders to turn cautious again.
Credit growth touched a record low of 5.6% in financial year 2021, recently released Reserve Bank of India (RBI) data showed, and it slipped even further in April.
Risk-averse savers, however, have continued to park funds in term deposits with banks
Indian bank credit growth hit a record low in fiscal 2020-21 and is expected to languish near those levels this year as a massive surge of COVID-19 infections risks denting India s economic recovery and forces lenders to turn cautious again. Credit growth touched a record low of 5.6 per cent in financial year 2021, recently released Reserve Bank of India (RBI) data showed, and it slipped even further in April. We were estimating credit growth of 8-9 per cent for this financial year, but due to the rise in COVID-19 cases, a higher mortality rate and lockdowns in several parts of the country, downward risks have arisen, said Karthik Srinivasan, analyst at ICRA.
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MUMBAI (Reuters) - Indian bank credit growth hit a record low in fiscal 2020-21 and is expected to languish near those levels this year as a massive surge of COVID-19 infections risks denting India s economic recovery and forces lenders to turn cautious again.
Credit growth touched a record low of 5.6% in financial year 2021, recently released Reserve Bank of India (RBI) data showed, and it slipped even further in April. We were estimating credit growth of 8-9% for this financial year, but due to the rise in COVID-19 cases, a higher mortality rate and lockdowns in several parts of the country, downward risks have arisen, said Karthik Srinivasan, analyst at ICRA.
Indian bank credit growth hit a record low in fiscal 2020-21 and is expected to languish near those levels this year as a massive surge of COVID-19 infections risks denting India s economic recovery and forces lenders to turn cautious again. Credit growth touched a record low of 5.6% in financial year 2021, recently released Reserve Bank of India (RBI) data showed, and it slipped even further in April. We were estimating credit growth of 8-9% for this financial year, but due to the rise in COVID-19 cases, a higher mortality rate and lockdowns in several parts of the country, downward risks have arisen, said Karthik Srinivasan, analyst at ICRA.