Indian banks' loan growth moderates in September amid cenbank clampdown, data shows
Indian banks' loan growth moderated this September, compared with the same month a year ago, central bank data showed on Thursday, as the impact of the Reserve Bank of India's clampdown on «exuberance» in retail lending continued.
Banks' credit grew at 14.4% year-on-year last month, slower than the 15.3% increase in September 2023, excluding the impact of HDFC Bank merging with parent Housing Development Finance Corp (HDFC), the RBI said.
Including the impact of the merger, banks' loans grew 13% last month, compared with 20% a year ago.
Loan growth had moderated in August as well.
Indian banks have consistently reported double-digit loan growth for a while, helped by healthy economic growth and urban consumption. However, the RBI, worried about the risk of bad loans, imposed higher capital requirements on banks late last year.
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