As per the latest credit data, outstanding non-food credit growth remained firm at 14.2% YoY in Apr'14 but moderated to 0.3% MoM (from 0.4% in Apr'13) due to deceleration in industrial growth and muted retail growth, according to Religare Institutional Research.

''Industry credit declined 0.4% MoM (+12.3% YoY) led by a slowdown across major sub-sectors. Strong traction in agriculture (+3.1% MoM) and robust growth in NBFCs nevertheless supported non-food credit growth to an extent,'' it said.

''Personal loans grew 14.5% YoY (vs. 15.6% YoY in Apr'13) aided largely by a 17.1%/17.4% YoY growth in housing/vehicle loans. Vehicle/housing loans remain the major contributor to retail lending (+0.3% MoM), up 2.7%/0.8% MoM vs. 2.8%/2.0% MoM in Apr'13,'' Religare added.

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