Banks' credit, deposit growth weak in 10 months of FY13

Last Updated: Wed, Mar 06, 2013 13:43 hrs

MUMBAI (Reuters) - Indian banks' advances were sluggish at the end of 10 months in the ongoing financial year to March, provisional data from the Reserve Bank of India (RBI) showed on Wednesday.

So far this fiscal since April 6, banks' advances grew around 9.2 percent, compared with 11.8 percent a year earlier, while deposit growth was also around 7.6 percent compared with 11.7 percent in the same period a year ago, data from the central bank showed.

The RBI has projected deposit growth at 15 percent and credit growth at 16 percent for the financial year that ends this month.

As of February 22, banks' advances stood at 51,260.11 billion rupees, up 0.51 percent from two weeks earlier, while deposits were down 0.15 percent at 65,610.51 billion rupees.

($1 = 54.7 rupees)

(Reporting by Neha Dasgupta; Editing by Sunil Nair)

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