Corporate Credit Growth Picks Up, Retail Slows Down
India’s corporate credit growth ne March quarter mein thoda sudhaar dekha hai. Private sector banks mid-sized corporates ko bade loans de rahe hain, jabki retail credit mein slowdown hai. Yeh baat teen sources ne NDTV Profit ko batayi.
Overall Credit Growth Slows, But Mid-Corporates Shine
RBI ke data ke hisab se, March mein overall non-food credit growth 12% year-on-year raha, jo pichle saal ke 16.3% se kam hai. Industries ko diye गए loans (jismein micro aur small medium enterprises hain, lekin services nahi) 8% badhe, jo pichle saal ke same hai.
Mid-Sized Businesses: The New Focus for Banks
Indian private banks ab mid-sized businesses par focus kar rahe hain taki unka loan book badhe. Bade corporates se demand kam hai aur capital expenditure bhi kam ho raha hai. Do bankers ne yeh baat kahi.
Mid-Corporates and SMEs Outpace Overall Credit Growth
CRISIL Ratings ke senior director, Krishnan Sitaraman, ne bataya ki “Mid-corporate aur SME segment mein kareeb 18% growth dekha gaya hai February tak, jo overall system credit growth 11% se zyada hai.” Unhone yeh bhi kaha ki “Large corporates ko diye गए credit mein sirf 5.3% growth hua hai, jo pichle saal ke 6.9% se kam hai.”
Retail Credit Growth Takes a Hit
Retail portfolios ki growth mein kami aayi hai. Unsecured loans par regulatory restrictions ki wajah se personal loans March mein sirf 14% badhe, jo pichle saal ke 17.6% se kam hai.
Working Capital Demand Drives Growth, Not Fresh Capex
Sitaraman ne kaha ki yeh growth fresh capex se nahi aa raha hai, balki working capital demand se aur banks retail aur NBFC segments se capital hata kar mid-corporates mein laga rahe hain.
Banks Target Niche Mid-Corporate Clients
Bankers ne bhi yeh baat kahi aur bataya ki woh logistics, real estate, power (especially renewables), aur trade jaise sectors mein mid-sized companies ko loans de rahe hain. Banks aise mid-corporate clients choose kar rahe hain jinke cash flows aur sector dynamics woh samajhte hain. Yeh segment commodity-led large corporates se zyada safe aur predictable hai.
Large Corporates Turn to Capital Markets
Jabki banks mid-sized businesses ko loans de rahe hain, bade corporates banks ko bypass kar rahe hain. Interest rate cuts aur liquidity easing ki wajah se, high-rated companies capital markets se sasta funding le rahe hain.
Bond Market Attracts AA and Above-Rated Companies
Sitaraman ne kaha ki “AA aur usse upar rated companies bond market ki taraf ja rahe hain, jahan rate cuts ka asar bank loans se jaldi hota hai.”
Yield on 10-Year Benchmark Bond Hits Three-Year Low
Pichle hafte, 10-year benchmark Indian government bond ka yield teen saal ke lowest level 6.32% par pahunch gaya. Abhi, NABARD ke 10-year bonds ka yield 6.97% hai, jo corporate bond market ka benchmark hai.
Bank Lending Rates Remain Higher Than Bond Yields
Iske opposite, scheduled commercial banks ke fresh rupee loans ka weighted average lending rate March mein 9.35% tha, jo pichle mahine ke 9.40% se thoda kam hai.
Mid-Corporate and SME Lending Expected to Remain Resilient
Is financial year mein, bankers ko ummeed hai ki mid-corporate aur SME lending achcha rahega, kyunki renewables, logistics, aur real estate mein growth hoga. Lekin overall corporate credit growth tab tak zyada nahi badhega jab tak private capex mein achcha sudhaar nahi hota.
Global Stability and Trade Dynamics Crucial for Corporate Lending Recovery
Ek aur senior banker ne kaha ki kuchh “green shoots” dikhenge, lekin corporate lending ki recovery global stability aur trade dynamics par depend karegi, jismein US tariff scenario aur private investments ka badhna shamil hai.
Axis Bank Assesses Portfolio for Tariff Impact
Axis Bank ke Deputy MD Rajiv Anand ne March quarter ke earnings call mein kaha ki unhone US tariffs ke impact ka analysis kiya hai aur abhi koi major issue nahi dikh raha hai. Lekin unhone yeh bhi kaha ki “bahut saare positive aur negative factors hain, isliye hum situation par najar rakhenge.”
