Bank loans, deposits grow slower against RBI FY14 estimate

Reuters Posted online: Wednesday, Oct 16, 2013 at 0000 hrs
Mumbai : Banks' loan and deposit growth has been slower so far in the current fiscal year than the Reserve Bank of India's full-year projection, according to data released by the central bank.

Banks' loans grew about 11 per cent to 58.46 trillion rupees, while deposits rose 12 percent to 75.64 trillion rupees from March 22 to October 4, data released on Tuesday showed, mainly due to the overall slowdown in GDP growth in Asia's third-largest economy.

The RBI projects loans to grow at 15 per cent and deposits by 14 per cent in the current fiscal year ending in March 2014.

Banks' investments in government securities rose 12 per cent to 22.47 trillion rupees in the same period.