Surge in credit growth post PSBs recap decision: Official

New Delhi, Jan 6 (IANS) The central government's recent decision to recapitalise public sector banks (PSBs) has led to a "surge in credit growth", a senior government official said on Saturday.

According to Rajeev Kumar, Secretary, Department of Financial Services (DFS) in the Ministry of Finance, the banking sector posted double digit growth on a year-on-year basis in December 2017.

"Surge in credit growth: Sustained momentum post-PSB recap decision -- Banking sector posts double digit (10.7 per cent Y-o-Y) growth in Dec'17, up from (7.2 per cent Y-o-Y) in Oct'17, powered by #services & #retail," Kumar tweeted.

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