This is also reflected in the rise in the ratio of per capita bank deposits to income from 15.8 per cent to 71.2 per cent and the ratio of per capita credit to income from 12.2 per cent to 51.3 per cent over the period from 1972 to 2022. Branches across rural, semi urban and urban areas have contributed to this mammoth financial intermediation.
11. Patterns of financial intermediation are also shifting. Industry has been a major recipient of bank credit but its share in total credit has come down from 60 per cent to 27 per cent during 1972-2022, broadly equal to that of services and personal loans.