NEW DELHI: Development of Ministry of Micro, Small and Medium Enterprises (MSME) sector credit score increased by Rs 52,800 crore in the current monetary year 2022-23 towards a decrease of Rs 61,000 crore in the same period of the previous year, SBI Analysis mentioned in his weekly report’Ecowrap‘.
Overall credit score growth has gained momentum from the prior year and recorded a three-year increase of 14% as of mid-July.
Loans to individuals during the period increased by Rs 1.34 lakh crore towards a decrease of Rs 26,500 crore last year, according to the report.
Knowing the credit score by sector for the month of June 2022 means that there is substantial additional credit score improvement in each sector.
Additionally, mixed fields grew 8.4% in the fortnight ending July 16, 2022, compared to growth of 10.7% last year. During the fortnight, there was a drop in deposits of Rs 1.51 lakh crore and Rs 1.0 lakh crore in credit score.
“The decline in deposits is due to the evolution of each different fortnight, which may result from salary withdrawals in the first fortnight of each month for recurring consumption functions,” he explains.
Going forward, the outlook for the banking sector depends on the evolution of the geopolitical situation and its influence on the global costs of raw materials and logistics.
“In FY23, we expect deposits and credit rating to continue to grow in double digits regardless of the rate of interest reversal,” the SBI analysis added.