Private sector banks record over 15% credit growth for third consecutive year in FY24

India’s bank credit growth (y-o-y) increased by 15.3 per cent in FY24, net of merger of a non-bank with a bank with effect from July 1, 2023. (19.1 per cent including the merger impact) during 2023-24 as compared to 15.8 per cent rise in the previous financial year. Bank branches in rural, semi-urban and urban areas recorded similar or higher credit growth (y-o-y) vis-vis 2022-23, even as metropolitan branches witnessed some growth moderation; all population groups and bank groups, however, maintained double digit loan growth.