With commercial banks frowning at the low 5 percent credit and blaming it on weak industrial activity, HDFC chairman Deepak Parekh said this should not be viewed negatively as corporates are de-leveraging on one hand and are raising money from the debt market on the other.

"Credit offtake of 5 percent should not be viewed as a negative because there are a number of things that go into credit offtake. Look at the deleveraging that is taking place among in the industry. "I can give you an example of dozens of large corporates who have sold their assets and have paid pack their lenders with inflows from foreign direct investment. So, its deleveraging that is reducing banks' outstanding credit," Parekh told the India Today Conclave here.

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