New Delhi, Nov. 11 -- India's credit growth accelerated to 21 per cent year-on-year (YoY) in October, prompting HSBC to raise its loan growth forecast for FY27 to around 18 per cent from 14 per cent earlier, as borrowing strengthened across corporate and micro, small and medium enterprise (MSME) segments.

Corporate lending grew by around 24 per cent, while credit to MSMEs increased by 25 per cent during the month, according to HSBC's latest Asia equity strategy report, cited by ANI.

Deposit growth also accelerated to more than 17 per cent YoY, compared with 12-13 per cent earlier. Improved mobilisation through FCNR(B) deposits also supported banking system liquidity.

The report attributed stronger credit demand partly to higher working...