Credit growth & gross NPA of Banks will be low in FY24 : ICRA

ICRA, a professional investment information and credit rating agency, has released a report on credit growth and gross NPAs of banks. According to ICRA, credit growth of banks will be low in the current financial year and gross NPA will also be low.

According to ICRA, credit growth this financial year will decline to 12.1-13.2 percent from 15.4 percent a year ago. Apart from this, ICRA also said that the GNPA i.e. Gross NPA of banks is expected to come down from 3.7 percent to 2.8-3 percent at the end of June quarter.

ICRA said banks in India are expected to show further improvement in their asset quality in financial year 2023-24 due to lower net slippages and write-offs. The total deposit growth in banks is expected to be more than 9 percent this financial year.

What is ICRA?

ICRA is an independent and professional investment information and credit rating agency for leading financial/investment institutions, commercial banks and financial services companies. It was established in 1991 and Moody’s Corporation holds a 51.86% majority stake in this company. The company is listed on the Bombay Stock Exchange and the National Stock Exchange.

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What ICRA do?

It is a professional investment information company that provides credit rating information.

What are the credit rating agencies in India?

There are a total of seven credit agencies in India: CRISIL, ICRA, CARE, Brickwork Rating, SMREA, India Rating and Research Pvt. Ltd and Infomerics Valuation and Rating Private Limited.

What is Gross NPA?

Gross Non-Performing Assets (Gross NPA) is the total value of loans or advances that are classified as non-performing and have not generated interest or principal repayments for a specified period.

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