Banks have experienced strong demand for loans from non-banking finance companies (NBFCs) and from the real estate sector during the year till February, shows the latest data released by the Reserve Bank of India. “Credit growth to NBFCs at 46.4 per cent on a year-on-year basis in February was significantly higher than the growth of 19.8 per cent during the corresponding period of the previous year,” RBI said. During the first 11 months of the financial year, loans to NBFCs increased by 39.9 per cent as compared with 9.7 per cent during the corresponding period last year.
Bank credit to commercial real estate (CRE) grew by 17.8 per cent for the year till February, as compared with 0.9 per cent growth during the same period last year. On a financial year basis, credit to CRE grew 17.1 per cent as against a decline of 0.9 per cent during the corresponding previous period. Overall credit growth till February was 22.8 per cent in 2010-11, compared to 15.9 per cent of the previous year. This was higher than RBI’s projection of 20 per cent. During April-February, non-food gross bank credit growth was 16.8 per cent as compared with 11.1 per cent during the corresponding period. (Indian Realty News)
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