Banks' loans, deposits grow slower so far vs RBI's FY14 estimate

Reuters

MUMBAI (Reuters) - 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 percent 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 percent and deposits by 14 percent in the current fiscal year ending in March 2014.

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

(Reporting by Suvashree Dey Choudhury; Editing by Prateek Chatterjee)

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