NEW DELHI, Jan. 13 (Xinhua) -- The data issued by India's central bank, the Reserve Bank of India (RBI), has revealed that the gross bank credit growth declined to a two-year low of 7.3 percent in November 2019, reported an English daily The Indian Express on Monday.
The reasons attributed for the decline in bank credit growth is the "weak credit demand by the industrial and services sectors".
The weakness in economic activity this fiscal year (April 2019-March 2020) has resulted in a contraction in credit outstanding for the Industrial and Services sector for the period between April 2019 till November 2019, said the RBI data.
Both these sectors --Industrial and Services -- did not witness any credit expansion in the last eight months, it added.
While the credit outstanding for the Industry sector contracted by 3.9 percent from 28.85 lakh crores Indian Rupees (around 414 billion U.S. dollars) in March 2019 to 27.72 lakh crores Indian Rupees (around 400 billion U.S. dollars) in November 2019, and that for the Services sector contracted by 2.2 percent from 24.15 lakh crores Indian Rupees (343 billion U.S. dollars) to 23.62 lakh crores Indian Rupees (337 billion U.S. dollars) during the same period, added the English daily while quoting the RBI data.
