The central bank has projected 15 per cent credit growth and 14 per cent deposit growth for 2013-14.
Though the capital expenditure cycle is showing some revival, full recovery is still a long wait.
As a result, banks are hoping that in this financial year, too, retail credit will be the driver.
Credit growth is generally slow in the first half of a financial year. The highest pick-up is in the final quarter of every year.
Earlier this month, RBI had cut the repo rate, at which it lends to banks, by 25 basis points to 7.25 per cent. However, banks are yet to cut their own lending rates.
However, IDBI Bank has cut its deposit rates and other banks might follow, is the expectation, leading to a slowing in the rate of deposit accumulation.