Latest news with #SBI
India Gazette
12 hours ago
- Business
- India Gazette
Banks' credit growth slowed to 9.8% in May, compared to strong growth of 19.5% recorded last year: SBI Report
New Delhi [India], May 31 (ANI): The credit growth of banks slowed to 9.8 per cent in May 2025 as compared to a strong growth of 19.5 per cent recorded in the same period last year, according to a report by the State Bank of India (SBI). The report highlighted a clear deceleration in lending activity across all major sectors of the economy. SBI said, 'Scheduled commercial banks' (SCBs) credit growth slowed to 9.8 per cent as on May 16, 2025, compared to last year growth of 19.5 per cent.' During April-May this year, bank credit actually declined by Rs 15,676 crore, showing a negative year-to-date (YTD) growth of 0.1 per cent. In contrast, during the same period last year, bank credit had grown by Rs 1.68 lakh crore, or 1.0 per cent YTD. On the other hand, deposit growth remained positive but was also slower than the previous year. Deposits grew by Rs 3.06 lakh crore (1.4 per cent YTD) during April-May this year, compared to Rs 3.39 lakh crore (1.7 per cent YTD) last year. The report pointed out that sector-wise credit for April 2025 showed a slowdown in all sectors. Credit to agriculture and allied activities grew by 9.2 per cent, sharply lower than 19.8 per cent a year ago. Credit to the industrial sector rose by 6.6 per cent, slightly down from 7.4 per cent last year. However, within the industry segment, there was an increase in credit to sectors like basic metal and metal products, engineering, vehicles and transport equipment, textiles, and construction. On the other hand, credit growth in the infrastructure sector slowed down. In the services sector, credit growth dropped significantly to 10.5 per cent from 22.0 per cent last year. This was mainly because of a sharp slowdown in lending to non-banking financial companies (NBFCs). Still, credit to segments such as trade and computer software remained strong. The personal loans segment also saw a slowdown. Growth in this category eased to 14.5 per cent year-on-year, compared to 17.0 per cent last year. This was mainly due to reduced growth in vehicle loans, credit card dues, and other personal loans. The overall trend indicated a broad-based slowdown in credit demand across the economy in the early months of the financial year 2025-26. (ANI)
Hans India
14 hours ago
- Business
- Hans India
Indian economy poised to remain fastest-growing one in FY26: SBI report
The Indian economy is poised to remain the fastest-growing major economy in FY26 by leveraging its sound macroeconomic fundamentals, robust financial sector and commitment towards sustainable growth, according to a State Bank of India (SBI) report. With higher anticipated saving based on latest RBI annual report, the domestic finances will be sufficient to finance the anticipated growth and 'we do not expect demand induced pressure on prices in FY26,' said Dr Soumya Kanti Ghosh, Group Chief Economic Adviser, SBI. The downside to growth emanate from external and geopolitical factors, Ghosh added. From the expenditure side, the GDP growth of 7.4 per cent in Q4 was supported by strong uptick in the capital formation which registered a 9.4 per cent annual growth. The recovery in capital formation was on account of revival in core sector in Q4 as evident from high frequency indicators. The overall growth in capital formation for FY25 now stands 7.1 per cent. India's economy grew by 7.4 per cent in Q4 FY25 as against 8.4 per cent growth in same quarter last fiscal. Riding on Q4 numbers, the annual FY25 growth is estimated at 6.5 per cent. Almost all sectors exhibited better growth numbers in Q4 FY25. While industry grew by 6.5 per cent, the services sector grew by 7.3 per cent in Q4. Within industry during Q4, construction sector grew by whopping 10.8 per cent (6-quarters high) and manufacturing sector increased by 4.8 per cent. The private consumption maintained its health run in Q4 although there was sequential slow rate of growth in Q4. Overall, the private consumption registered a growth of 7.2 per cent for FY25. The export demand was healthy for whole year, registering a growth of 6.3 per cent, while the imports contracted for the whole year by 3.7 per cent. According to the SBI report, this growth was front-loaded because of export push amidst US tariffs uncertainty. The highest contraction in imports happened in Q4 at 12.7 per cent was another factor in pulling the overall GDP growth to 7.2 per cent in Q4.
India.com
15 hours ago
- Business
- India.com
Indian Economy Poised To Remain Fastest-Growing One In FY26: SBI Report
New Delhi: The Indian economy is poised to remain the fastest-growing major economy in FY26 by leveraging its sound macroeconomic fundamentals, robust financial sector and commitment towards sustainable growth, according to a State Bank of India (SBI) report. With higher anticipated saving based on latest RBI annual report, the domestic finances will be sufficient to finance the anticipated growth and 'we do not expect demand induced pressure on prices in FY26,' said Dr Soumya Kanti Ghosh, Group Chief Economic Adviser, SBI. The downside to growth emanate from external and geopolitical factors, Ghosh added. From the expenditure side, the GDP growth of 7.4 per cent in Q4 was supported by strong uptick in the capital formation which registered a 9.4 per cent annual growth. The recovery in capital formation was on account of revival in core sector in Q4 as evident from high frequency indicators. The overall growth in capital formation for FY25 now stands 7.1 per cent. India's economy grew by 7.4 per cent in Q4 FY25 as against 8.4 per cent growth in same quarter last fiscal. Riding on Q4 numbers, the annual FY25 growth is estimated at 6.5 per cent. Almost all sectors exhibited better growth numbers in Q4 FY25. While industry grew by 6.5 per cent, the services sector grew by 7.3 per cent in Q4. Within industry during Q4, construction sector grew by whopping 10.8 per cent (6-quarters high) and manufacturing sector increased by 4.8 per cent. The private consumption maintained its health run in Q4 although there was sequential slow rate of growth in Q4. Overall, the private consumption registered a growth of 7.2 per cent for FY25. The export demand was healthy for whole year, registering a growth of 6.3 per cent, while the imports contracted for the whole year by 3.7 per cent. According to the SBI report, this growth was front-loaded because of export push amidst US tariffs uncertainty. The highest contraction in imports happened in Q4 at 12.7 per cent was another factor in pulling the overall GDP growth to 7.2 per cent in Q4.
Business Upturn
16 hours ago
- Business
- Business Upturn
Nifty 50 top gainers this week (May 31): Trent, IndusInd Bank, SBI, Adani Ports, Larsen & Toubro and more
By Aman Shukla Published on May 31, 2025, 09:38 IST The Indian stock market ended the week on a mixed note, with the benchmark indices declining for the second consecutive week, despite select Nifty 50 stocks recording notable gains. On Friday, May 30, 2025, the markets closed in the red due to broad-based selling pressure. The BSE Sensex dropped by 182.01 points (0.22%), ending the session at 81,451.01, while the Nifty 50 declined by 82.90 points (0.33%) to settle at 24,750.70. Several Nifty 50 stocks posted impressive weekly gains, with Trent, IndusInd Bank and SBI leading the charge. Let's take a look at the top gainers of Nifty 50 this week, as per Trendlyne data. Nifty 50 Top Gainers This Week Trent closed at ₹5,643.5, gaining 3.8% over the week. IndusInd Bank ended the week at ₹817.0, up 3.0%. State Bank of India recorded a 2.8% weekly gain, closing at ₹812.3. Adani Ports & Special Economic Zone rose 2.7% during the week, ending at ₹1,432.8. Larsen & Toubro finished at ₹3,675.1, up 2.1% for the week. Jio Financial Services posted a weekly increase of 1.7%, closing at ₹286.7. Dr. Reddy's Laboratories gained 1.7% over the week, closing at ₹1,251.2. Bharti Airtel advanced 1.3% this week, ending at ₹1,856.2. Wipro closed at ₹249.7, with a weekly gain of 0.9%. SBI Life Insurance Company finished the week at ₹1,812.2, up 0.8%. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
India Gazette
16 hours ago
- Business
- India Gazette
Strong economic growth in Q4 of FY25 due to rise in net indirect taxes, GDP to grow at 6.3 to 6.5% in FY26: SBI Report
New Delhi [India], May 31 (ANI): India's economy recorded strong growth in the fourth quarter of FY25, mainly due to a sharp rise in net indirect taxes, stated a report by the State Bank of India. The report stated that India's GDP grew by 7.4 per cent in Q4 FY25. This growth came as a pleasant surprise and was higher than expected, supported by a 12.7 per cent increase in net indirect taxes. The jump in tax collections significantly contributed to the overall expansion in economic activity during the quarter. It said, 'Q4 throws a pleasant surprise at 7.4 per cent buoyed by growth in net indirect taxes.' SBI has also projected a positive outlook for the Indian economy in the current financial year. It expects the country to remain the fastest-growing major economy in FY26, with GDP growth estimated to be in the range of 6.3 per cent to 6.5 per cent. It added, 'We believe that the Indian economy is poised to remain the fastest-growing major economy in FY26 (GDP growth expected at 6.3-6.5 per cent).' According to the report, the growth momentum is likely to be supported by strong macroeconomic fundamentals, a robust and healthy financial sector, and sustained focus on long-term development goals. These factors are expected to help India maintain stability even in the face of global uncertainties. In January this year, the gross GST revenue stood at Rs 1.96 lakh crore, marking a 12.3 per cent increase compared to the same month last year. February collections reached Rs 1.84 lakh crore, up 9.1 per cent year-on-year. In March, GST collections again touched Rs 1.96 lakh crore, registering a 9.9 per cent annual rise, according to data released by the government. Almost all sectors exhibited better growth numbers in Q4 FY25. The services sector takes the lead with growth at 7.3 per cent in Q4. Among services (in Q4), 'Public administration, defence and Other Services' grew by 8.7 per cent and 'Financial, Real Estate & Professional Services' grew by 7.8 per cent. On a yearly basis services sector grew by 7.2 per cent in FY25 as against 9.0 per cent in FY24. The report also pointed to a rise in household savings, as reflected in the latest RBI annual report. Higher savings are expected to aid domestic investments and provide the necessary financing for growth without adding inflationary pressures. Therefore, SBI does not foresee any major demand-driven price hikes in FY26. SBI concluded that despite potential external and geopolitical risks, India is well-placed to continue on a stable and high-growth path in the coming year. (ANI)
