Indian banks' loans, deposits lag behind cbank's FY14 estimate
MUMBAI Nov 27 (Reuters) - Indian banks' loan and deposit growth remained sluggish in the current fiscal year compared with the Reserve Bank of India's full-year projection, according to provisional data released by the central bank on Wednesday.
Banks' loans grew about 10.8 percent to 58.29 trillion rupees ($933.22 billion), while deposits rose 12.5 percent to 75.94 trillion rupees from March 22 to Nov. 15, data showed, reflecting subdued demand due to the overall slowdown in 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 10 percent to 22.7 trillion rupees in the same period. ($1 = 62.461 Indian rupees) (Reporting by Neha Dasgupta; Editing by Gopakumar Warrier)