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Banks' deposit advances and deposits grew at a slower pace in the first nine months of the financial year 2012-13 compared with a year earlier and are likely to fall short of the Reserve Bank of India's projection by March-end.
So far this fiscal, banks' advances grew 7.4 percent, compared with 10.5 percent a year earlier, while deposit growth was 7.3 percent compared with 11.3 percent in the same period a year ago, data from the Reserve Bank of India showed on Wednesday.
"I think credit growth is going to be much slower this year than what the RBI has projected because of cumulative slowdown in industrial and economic growth and, unless credit picks up, deposit growth is unlikely to grow," said B. A. Prabhakar, chairman and managing director of the state-run Andhra Bank
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