Mar-20 may see materially slower growth. Select management commentary and our understanding of the sector suggest that a significant proportion of disbursals occur towards the end of the qtr. Virus related disruptions will impact this. Further, the dip in growth is likely to be broad-based. Personal loan growth, which has contributed to much of the growth seen over FY19 and FY20 is likely to slow considerably. After the surprising uptick seen in Jan-20, YoY non-food credit growth slowed to 7.3%, and MoM growth slowed to just 16bps. Agri credit growth showed slowing trends at 5.8%. Growth in industry credit slowed to just 70bps, dragging overall credit growth. After accelerating slightly in Jan-20, service credit growth slowed again to 6.9% (this segment has seen the most pronounced slowdown, as it grew at 23.7% YoY in Feb-19). Personal loan growth remained resilient at 17% YoY.