Indian Overseas Bank eyes 16 to 18% credit growth in FY13

Written by Press Trust of India | Mumbai | Updated: Apr 12 2012, 09:20am hrs
Public sector lender Indian Overseas Bank (IOB) Wednesday said it is aiming a credit growth rate of 16-18% and a deposit growth rate of 18-20 per cent in the current financial year. Currently, we aim 18-20% deposit growth and 16-18% credit growth in FY13, IOB chairman and managing director M Narendra said.

He added deposit growth for the bank stood at 18-19% for the last fiscal against 13-14% witnessed by the banking system. Luckily, for us, even though CASA (current account, savings account) has not given us much growth, we had a good retail growth. Our deposit growth is around 18-19% against the systemic growth of 13-14%, he added. Total deposit of banks grew by 13.4% to R60.72 trillion as of March 23, which is below the RBIs projection of 17% for the last fiscal. Referring to expectation from the upcoming credit policy, Narendra said the central bank would take a view after considering inflation number along with current tight liquidity situation.