Bank credit likely to grow 13-13.5% in FY24: CARE

Scheduled commercial banks’ (SCBs) credit growth is expected to be in the range of 13.0-13.5 per cent for FY24, excluding the impact of the merger of HDFC with HDFC Bank, according to CARE Ratings.

Credit off take experienced robust growth of 16.2 per cent in Q1FY 24 and the outlook remains positive for FY24, per the rating agency’s analysis of 30 banks, including 12 public sector banks and 18 private sector banks.