Banks credit to retail and wholesale trade jumps 16% in November: RBI Data
According to the sectoral deployment data by the Reserve Bank of India (RBI), the gross bank credit allocated to the retail and wholesale trade in the country in November 2022 jumped by 16% on a year-on-year basis, from US$ 77 billion (Rs. 6.32 trillion) in November 2021 to US$ 90 billion (Rs. 7.33 trillion) in November 2022.
The deployment in retail trade jumped by 21.9% to US$ 47 billion (Rs. 3.79 trillion), while for wholesale trade it jumped by 10.3% to US$ 43 billion (Rs. 3.53 trillion) in November 2022 as compared to the same month last year.
After bringing retail and wholesale trade in the micro, small and medium enterprises (MSMEs), the government had further eased credit access for retail and wholesale traders by treating them at par with other borrowers with respect to loans under the credit guarantee scheme of the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE). The credit limit for MSEs into retail and wholesale trade with guaranteed cover was increased from approximately US$ 123,000 (Rs. 1 crores) to US$ 245,000 (Rs. 2 crores).
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.