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RETAIL BANKING | Cesar Tordesillas, India

State Bank of India expects 16-18% loan growth

State Bank of India expects loan growth of 16-18 percent despite a general slowdown in credit demand among India's banks.

Credit growth of banks has been flat in the second quarter at 0.1 per cent to 16.4 per cent, according to RBI data for the period.

"There is demand slowdown... We expect a credit growth of 16-18 per cent for 2012-13," said SBI Deputy Managing Director S B Nayar said here.

With regard to corporate loans, he said certain sectors which are doing well in terms of credit offtake include ports, consumer goods and cement.

On the recent downgrading by Standard & Poors on SBI, Nayar said there will be no impact as the agency has only brought the rating on par with the sovereign rating. So, there will be no cost implication on raising of funds, he said.

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