Banks could not meet the Reserve Bank of India's credit and deposit growth projections for financial year 2013.
As per provisional figures released by Reserve Bank of India in its Scheduled Bank's Statement of Position in India, year-on-year, banks' have posted credit and deposit growth of 14 per cent each in Financial year 2013.
For FY13, the central bank had projected credit and deposit growth of 16 per cent and 15 per cent, respectively.
In absolute terms, year-on-year, banks saw credit grow by Rs 6, 76,176 crore and deposit grow by Rs 8, 65,208 crore.
Bankers say loan demand in FY13 was sluggish due to slowdown in the economy. Deposits accretion also was affected as inflation-adjusted returns were negative due to high inflation.