The upcoming Rabi season is emerging as a key risk for agricultural credit, with weak reservoir levels and El Nino conditions threatening to pressure rural cash flows even as banks have not seen any meaningful deterioration in repayments or delinquencies so far. While announcing the outcome of the Monetary Policy Committee meeting on Wednesday, the Reserve Bank of India Governor Sanjay Malhotra said that the weak southwest monsoon along with strong El Nino conditions may impact the upcoming rabi season and rural demand. The likely resilient non-farm activity, however, will continue to support rural consumption, he added.