The merger of HDFC with HDFC Bank, worth USD 40 billion, is expected to cause a deceleration in credit off-take to 13-13.5% this fiscal from over 15% last fiscal, according to a report. Personal loans and lending to non-banks drove an increase of 15.4% on-year to INR 140.2 lakh crore for the fortnight to June 16. Despite this growth, credit growth is expected to decelerate in FY24, the report added.
