© Reuters.
The banking sector has witnessed a significant surge in non-food credit growth to 19.9% YoY, following the amalgamation of HDFC twins, as reported on Wednesday. The retail portfolio, primarily driven by individual loans, has seen a substantial increase of 31%, with both the services segment and industry also registering growth.
Despite facing pressures during FY23, deposit growth has rebounded from 9.6% in March to 13.6% in September 2023. A slight decline was observed for non-banking financial companies and other personal categories in August 2023.
Looking ahead, the banking sector anticipates future credit growth to be between 14-15%, predominantly led by retail loan growth. HDFC Bank Ltd., ICICI Bank Ltd., and City Union Bank Ltd. have emerged as the leading choices in the banking sector.
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