As you rightly pointed out, it is because the extraordinary stimulus has led to system liquidity surplus, resulting in lower market borrowing rates, larger and higher rated corporates are sitting on huge piles of cash. They have repaid their borrowings in the market. So the credit growth of the industrial sector has been driven by mid corporates and some refinancing.source https://economictimes.indiatimes.com/industry/banking/finance/banking/bigger-banks-will-continue-to-benefit-from-the-indian-economy-which-should-start-seeing-growth-all-over-again-amitabh-chaudhry-md-ceo-axis-bank/articleshow/85682982.cms
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