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Monetary Management and Financial Intermediation 135
(b) Credit Growth
4.30. Cumulatively, since February 2019, the reduction in policy rate has been of 250 bps, yet
the credit growth been declining since then. Credit growth (YoY) stood at 14.8 per cent in
February 2019 and had declined to 5.1 per cent as on October 23, 2020 (Figure 10). Note that it
subsequently accelerated and stands at 6.7 per cent as on January 1,2021.
Figure 10: Bank Credit growth (YoY) (per cent)
Source: RBI
Figure 11: Sectoral Bank Credit Growth (YoY)
Source: RBI
