Banks going slow on personal loans
Financial Express Mumbai|April 04, 2024
THE SHARP GROWTH in personal loans is losing momentum as banks have started going slow on unsecured loans following the Reserve Bank of India's (RBI) hike in risk weight on personal loans last year.
SACHIN KUMAR

The year-on-year growth of unsecured personal loans of banks have moderated to 23.1% in February from 24.4% in January and 27.6% in December 2023, showed Reserve Bank of India (RBI) data.

Within the personal loans, the growth in consumer durable loans has also eased to 14.6% in February from 20% in December while credit card outstanding has declined to 31% in February from 40% in December.

"The RBI has expressed its discomfort over high growth in personal loans. Slowing growth in personal loans shows that the banks have taken the RBI message seriously," senior official of a private bank told FE.

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