After several quarters of subdued corporate credit demand, bankers are witnessing a sharp revival in wholesale lending, driven largely by fresh capital expenditure plans across sectors such as oil & gas, infrastructure, metals, renewable energy, data centres, and logistics. System-wide wholesale credit growth averaged 10.6% in the December quarter, far exceeding the 5–7% growth bankers had anticipated and nearly doubling the 5.9% recorded in the year-ago period. Bankers expect the momentum to strengthen further as uncertainties around punitive US tariffs begin to ease.