New Delhi, April 28

Central Bank of India is aiming a credit growth of 25 per cent in 2010-11, its Chairman and Managing Director, Mr S. Sridhar, has said.

This target is higher than the 23.8 per cent achieved during 2009-10.

It is also higher than the credit growth target set for the banking industry by the Reserve Bank of India in its latest annual monetary policy.

“We are looking at 25 per cent credit growth for 2010-11 for now. During the course of the year we can always review it,” Mr Sridhar told Business Line.

No rate hikes

Meanwhile, Mr Sridhar said that the bank has no immediate plans to raise lending rates even as the RBI had hiked the policy rates.

“There is ample liquidity. We are not looking at lending rate hike for now,” he said.

The RBI had, in its recent annual monetary policy statement for 2010-11, raised repo rate from 5 per cent to 5.25 per cent.

The reverse repo rate was increased from 3.50 per cent to 3.75 per cent. The Cash Reserve Ratio was increased from 5.75 per cent to 6 per cent.

The bank had in end March this year received capital infusion of Rs 450 crore from the Central Government.

(This article was published in the Business Line print edition dated April 29, 2010)
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