GROSS BANK CREDIT offtake grew 20.2% year-on-year (YoY) in March 2024 propped up by the impact of the merger between HDFC Bank and its parent, HDFC. Excluding the merger, YoY growth stood at a little lower at 16.3%, yet higher by 130 bps over last year’s 15%, according to CareEdge Ratings. Interestingly, over the 12-month period, credit has grown at 20.1% YoY to ₹164.3 lakh crore. Lending to businesses (industry + services) increased by 16.3% in March 2024 compared with 12.5% in March 2023. Excluding the merger, in B2B lending, the growth was higher at 14.6%, up 210 bps against March 2023. The growth reflects a robust expansion in the credit market, underlining the strength and resilience of the banking sector amidst a looming global slowdown.
![Credit Growth Is Chugging Along](https://images.assettype.com/fortuneindia%2F2024-05%2Fb87d9826-5852-4d70-aa8b-72ef74f9f5ec%2FTHE_CARTOGRAPHER.jpg?w=1250&q=60)
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