Religare Institutional Research believes that analysis of sectoral deployment of credit indicates that non-food credit growth moderated to a multi-month low of 8.6% YoY (1.5% YTD) in Sep'14 as against 18.2% YoY (6.8% YTD) in Sep'13.  ''This was largely on account of a sharp deceleration in the mid-corporate segment and a significant slowdown in large corporates and services.''

''Growth in retail too moderated but was still healthy (13% YoY) and, coupled with strong traction in agriculture (18.8% YoY), supported credit growth to some extent,'' it said.

''Growth in the personal loan segment remained healthy at 13% YoY in Sep'14, but moderated from 17.9% YoY in Sep'13. Within this, housing/vehicle loans continue to do well, contributing 60% and 17% respectively of incremental retail credit as against 57% and 15% in Sep'13,'' it added.

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