Mumbai: State-run lender Central Bank of India is targeting a 25 percent 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 percent growth on credit and 20 percent on deposits," bank Chairman and Managing Director M V Tanksale told here.
    
Without divulging the credit and deposit growth for the recently concluded FY12, he said the fiscal was a difficult one given the slowdown in the economic activity.
    
The Reserve Bank of India has said it expects the overall system to clock a 17 percent growth in deposits and credit for FY13.
    
According to RBI data, the non-food credit growth, clocked by commercial banks stood at 17.1 percent for FY12, lower than 20.6 percent in the year-ago period.
    
This came on the back of high interest rates scenario, slowdown in advanced economies, hitting the exports, and a perceived policy paralysis domestically, which all contributed to the slowdown in investment activity.
    
The GDP growth slowed down to 7 percent for the last fiscal from 8.4 percent in FY11.
    
Tanksale, however, did not divulge more on the city-headquartered bank's performance or expectation, citing its earnings announcement which is expected later this week.
    
He, however, said the bank will go ahead with its recruitments and plans to hire 3,000 employees across hierarchy during the fiscal.

(Agencies)


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