The economy is slowing, but lending by banks, usually an indicator of economic activity, seems to be picking up. Data put out by the RBI show that total (non-food) bank credit expanded 17 per cent year-on-year in August, accelerating from 13-14 per cent in the preceding months this year. Breaking down this data into individual segments throws up quite a few surprises. The commercial real estate sector, believed to be in doldrums, saw credit growth of 17.4 per cent in August while home loans surged 19 per cent. The services sector saw credit expansion of 18.4 per cent. Vehicle loans grew 23 per cent.
WHAT EXPLAINS THIS?
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