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This was due to a strong demand for loans among small, medium, and large businesses as well as micro, small, and medium enterprises.
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Loans to industry increased 13.6% in October compared to the same month last year.
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As of Nov. 18, loans to industry, which includes major businesses, micro, small, and medium-sized businesses,
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totaled 32.9 trillion rupees, up from 31.6 trillion rupees as of Mar. 25 and 29.1 trillion rupees a year earlier.
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Loans to small and medium businesses increased by 19.6% on the previous year, medium businesses by approximately 29.7%, and loans to large businesses by 10.5%.
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All other borrower categories, notably industrial loans, experienced rapid loan growth, which increased in step with the demand for credit.
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According to the RBI, the increase in loans given to non-banking financial organisations, commercial real estate,
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and trade sectors was largely responsible for the rise in loans to the service sector's 21.3% year-over-year increase to 33.2 trillion rupees as of Nov. 18.
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Additionally, as of Nov. 18, loans to public financial institutions increased 87.9% year over year to 1.8 trillion rupees.
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As of November 18, the personal loan market has grown 19.7% annually to 38 trillion rupees. Loans for agricultural and related businesses increased 13.8% year over year.