Home loans, vehicle loans and loans to large industries together pushed up bank lending to double digit growth levels as loan growth rate doubled in January.On a year-on-year (y-o-y) basis, non-food bank credit rose 16.7 per cent in January 2023 as compared with 8.3 per cent a year ago, according to the latest data on sectoral flow of bank credit released by the Reserve Bank of India.Credit to industry rose 8.7 per cent (y-o-y) in January 2023 as compared with 5.9 per cent in January 2022. Loans to large industries grew by 6.5 per cent as compared with 0.2 per cent a year ago as top rated corporates which managed cheaper funds from the market are now coming back to banks for their funding needs as market rates have hardened.Credit growth of medium industries was 18.1 per cent as against 52.4 per cent last year. Credit to micro and small industries registered a growth of 15.2 per cent in January 2023 (23.3 per cent a year ago).Retail loans growth accelerated to 20.4 per cent (y-o-y) in January 2023 from 12.8 per cent a year ago, largely driven by ‘housing’ and ‘vehicle loans’ which rose 15 per cent and 26 percent respectively compared to 13 percent and 10 percent respectively in the same period a year ago.Credit to services sector rose by 21.5 per cent (y-o-y) in January 2023 as compared with 5.7 per cent a year ago, primarily due to the improved credit offtake to ‘NBFCs’. NBFCs are emerging to be a big lender to MSMEsCredit growth to agriculture and allied activities improved to 14.4 per cent (y-o-y) in January 2023 from 10.4 per cent a year ago. A lot of agri loan demand would depend on the outlook for the farm sector depending on the monsoons.