India banks' credit growth to industry slows in March-cbank

Last Updated: Tue, Apr 30, 2013 21:48 hrs

MUMBAI, April 30 (Reuters) - Indian banks' credit to industry grew at a slower pace in March, compared with a year earlier, data from the Reserve Bank of India showed on Tuesday.

Credit to industry increased by 15.7 percent in March, slower than the 20.3 percent growth in the same month a year ago, the central bank data showed.

The RBI said there was a slowdown in credit growth to major sectors except food processing, textiles, leather and leather products and wood and wood products.

Sectors such as chemical and chemical products, glass and glassware, cement and cement products and vehicles, vehicle parts and transport equipment also did not see a dip in credit growth.

During the month, credit to agriculture grew at 8.1 percent, compared with 13.3 percent in the year-ago period.

Credit to the services sector and non-banking financial companies increased by 13.6 percent and 14.7 percent, compared with 14.4 percent and 23.9 percent respectively. (Reporting by Shamik Paul; Editing by Jijo Jacob)

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