The non-food credit or the amount that banks lend to individuals and companies, rose nearly 16% year-on-year to Rs 48.54 lakh crore for the fortnight ended December 14, 2012. However, it was marginally lower than 16.40%, recorded in the previous fortnight, showed data released by the Reserve Bank of India.
The central bank had projected 17% credit growth for 2012-13. Bankers are confident of achieving this growth mark in Jan-March quarter.
"Banks will surely attain the RBI's credit growth projection towards the end of the financial year," an executive director of a south-based public sector bank told moneycontrol.com.
"Banks have just started lending to non-banking finance companies and branded real estate developers. This is a new segment wherein we are growing our book. Infrastrcuture sector is also adding some momentum due to previous sanctions. However, we are very cautious about manufacturing sector. We will expand our loans judiciously."
Bankers are of opinion that marginal fluctuation in credit growth is quite normal at this point of time. It is in the fourth quarter when credit expansion actually peaks. There was probably not a single financial year in the past when banks failed to meet the RBI projected credit off-take.
During the 15 days time, banks de-grew their credit book by Rs 8,900 crore. Experts observed that the brief lull period between Diwali and Christmas eve might have reduced the retail consumption.
Meanwhile, deposits grew more than 13% year-on-year to Rs 64.34 lakh crore. This was way below the RBI projection of 16% y-o-y deposit expansion in 2012-13. Earlier, banks slashed deposit rates across the board. That coupled with the marginal revival in share market have wanned the attractiveness of high yielding deposit schemes. Hence, banks are struggling to raise deposits.
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