Banks' loan growth picks up on demand from retail borrowers

MUMBAI Wed Dec 12, 2012 7:24pm IST

Indian currency of different denominations are seen in this picture illustration taken in Mumbai April 30, 2012. REUTERS/Vivek Prakash/Files

Indian currency of different denominations are seen in this picture illustration taken in Mumbai April 30, 2012.

Credit: Reuters/Vivek Prakash/Files

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MUMBAI (Reuters) - Banks' loan growth improved in the first two months of the second half of the fiscal year as demand from home loan and retail borrowers picked up.

Bank loans grew 3.1 percent to 49.6 trillion rupees during October-November from 2.2 percent in the April-September period, according to the Reserve Bank of India data released on Wednesday.

"I think the remaining four months in the fiscal year will be good and will cover up for the last few months," said T.M. Bhasin, chairman and managing director at state-run Indian Bank.

However, deposit growth remained muted in October-November at 0.5 percent against growth of about 5 percent in the first half, due to festive season currency withdrawal. (Reporting by Suvashree Dey Choudhury; Editing by Jijo Jacob)

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