State-run
lender Central Bank of India is targeting a 25 per cent growth in
advances during the ongoing fiscal, much higher than the Reserve Bank
expectations, as it expects economic growth to pick up.
"We
expect FY13 to be a better year and have set a target of 25 per cent growth on
credit and 20 per cent on deposits," bank's chairman and managing
director M V Tanksale said.
Without
divulging the credit and deposit growth for the recently concluded FY12,
Tanksale said the fiscal was a difficult one given the slowdown in the economic
activity.
Sector
regulator Reserve Bank of India has said it expects the overall
system to clock a 17 per cent growth in deposits and credit for FY 13.
According
to the RBI data, the non-food credit growth, clocked by commercial banks stood
at 17.1 per cent for FY12, lower than the year ago period's 20.6 per cent.
This
came on the back of high interest rates scenario, slowdown in advanced
economies, which hit the exports and a perceived policy paralysis domestically,
which all contributed to the slowdown in investment activity.
The
GDP growth slowed down to 7 per cent for the last fiscal from 8.4 percent
registered in FY11.
Tanksale,
however, did not divulge more on the city-headquartered bank's performance or
expectation, citing its upcoming earnings announcement which is expected later
this week.
He,
however, said that the bank will go ahead with its recruitments and plans to
hire 3,000 employees across hierarchy during the fiscal.
+1.jpg)
0 comments
Post a Comment