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| BoB eyeing up to 25% deposit, 20% credit growth in FY 11 |
| Press Trust of India / Mumbai Sep 07, 2010, 18:53 IST |
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Public sector lender Bank of Baroda is targeting a 20-25 per cent deposit growth despite not doing well on this front in April-August and would maintain a 20 per cent credit growth in FY 11, the bank said today.
"We did not achieve a good deposit growth during April- August in the current fiscal. But we expect to achieve a deposit growth around 20-25 per cent in FY 11," Bank of Baroda's Chairman and Managing Director M D Mallya told reporters on the sidelines of a banking conference here.
Credit off-take generally picks up in the second-half of every fiscal after the onset of the festival season and BoB expects the same to continue this year as well, Mallya said.
The bank is eyeing an annual 20 per cent rise in credit, he said. In line with the trend amongst banks, BoB also expects higher lending to the infrastructure sector, which is to go up by 30 per cent in the current fiscal.
The migration towards the new, transparent base rate regime has been seamless and borrowers are understanding the new system well, he said.
When asked if the bank planned to revise its base rate, he said it would have to see the numbers since the introduction of the base rate regime on July 1.
BoB plans to hire 3,500 people at both the officer and clerical levels this fiscal, he said, adding some of it is incremental while others would be replacements.
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