Service credit growth, which had slowed sharply to 4.8% YoY in Nov-19, increased to 8.8% YoY. Growth in personal loans remained healthy at 16.9% YoY. Overall FYTD growth was just 3.1%. However, a significant portion of credit growth tends to occur in 4Q. After declining for 2 consecutive months, YoY growth in non-food credit increased to 8.5% in Jan-20. This trend was broad-based. Agri-credit growth showed a modest improvement (6.5% YoY vs. 5.3% YoY in Dec-19). Industry credit growth improved slightly (2.5% YoY vs. 1.6% YoY in Dec-19) but remained weak and continued to drag overall credit growth.