Narendra Modi India city Mumbai virus covid-19 Government growth Narendra Modi India city Mumbai

Credit growth withers under lockdown as outstanding loans drop Rs1.36 trillion

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MUMBAI : As the lockdown enters its fourth phase, credit growth has clearly taken a beating with outstanding loans shrinking by ₹1.36 trillion between 27 March and 8 May, showed data from the Reserve Bank of India (RBI).

Total outstanding non-food credit stood at ₹101.83 trillion and was 1.32% lower than 27 March. India has been in a locked state since 25 March after Prime Minister Narendra Modi announced the first tranche to curtail the spread of covid-19.

While the initial phases witnessed a complete shutdown of businesses, the country has gradually reopened in green and orange zones or locations with relatively less impact of the virus.

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