According to the Reserve Bank of India (RBI), the banking industry reported a stronger credit growth in the first month of the fiscal year 2024, driven by a rise in advances to the agricultural sector.

• In April, non-food bank credit expanded 15.3% year over year (y-o-y), down from 16.2% growth in the same month last year.
• Bank non-food credit was worth Rs 159.55 lakh crore in April 2023 as opposed to Rs 138.38 lakh crore in the same month the previous year.
• According to the Reserve Bank of India Sectoral Deployment of Bank Credit for April 2024, loans to agriculture and related sectors increased to 19.7% in April 2024 from 16.8% in the previous year.