In September last year, such advances had contracted 2.9%, central bank data on sectoral deployment of bank credit showed.
On a year-on-year (y-o-y) basis, non-food bank credit increased 17% in September 2022, compared with 6.8% a year ago.
Size-wise, loans to large businesses accelerated to 7.9% against a contraction of 2.1% a year ago. Medium industries recorded credit growth of 36.2% in September 2022 as compared with 37.1% last year, while credit to micro and small industries rose 27.1% (13.1% a year ago).
Overall credit to industry rose 12.6% in September 2022 as compared with 1.7% in September 2021, RBI data indicated. Loans to industry accounted for 26% of gross bank credit as of end September.
Retail loans grew 19.6% in September 2022 (13.2% a year ago), largely driven by housing and vehicle loans segments, the central bank said.
