Question
According to the data provided by the Reserve Bank of
India, bank loans to the services sector grew to _____ in April-December 2022 .Solution
According to the data provided by the Reserve Bank of India, bank loans to the services sector grew three-fold to Rs 4.87 trillion in April-December 2022 from Rs 1.55 trillion in the same period last year. Credit to Non-Banking Finance Companies (NBFCs) and trade (wholesale and retail) showed maximum traction commercial real estate, which is part of the services sector, also showed traction in the nine months. Â In contrast to the services sector, the growth in bank loans to the industry was weakened.Banks disbursed Rs 1.35 trillion in April-December 2022 compared to Rs 0.93 trillion in the same period of 2021. Bank lending to the retail segment comprising housing, credit cards, automobile purchases, and other purposes grew two-fold to Rs 5.54 trillion in nine months of FY23 as against Rs 2.71 trillion in same period of FY22.
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