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11
July 2017
India's
largest lender, State Bank of India's Chairperson Arundhati Bhattacharya on
Tuesday said the credit growth in India's banking system is low. The Total Investment & Insurance Solutions
Elaborating
on the current economic growth rate and inflation rate, Bhattacharya said:
"Credit growth especially in the banking system is low. Nine is the
percentage at which the credit should grow. The credit is, however, growing at
close to five (per cent).
Today,
much of the credit at least for the companies that are doing well comes from
the market...if that number is added, the credit growth comes around 7.5 per
cent. Even it (the credit growth) is lower than a number it should
be."
According
to her, the lender will bring a number of retail products in the digital space
and data analytics will play a key role in digital banking.
"We
will bring a number of retail products in digital space and in the corporate
front, we will also provide... we have lot of plans. Some of them we will begin
delivering within in a very short period of time. They are currently undergoing
core user group testing. They will be out very shortly," she said. The Total Investment & Insurance Solutions
"On
the corporate side, we will be using not only platforms to bring people
together, but also analytics to find out who is producing and who is needing
what," Bhattacharya said while emphasising on how the lender is going to
leverage the digital platform.
Addressing
participants at Banking Conclave organised by Ficci, she said the lender will
use data analytics in retail banking too. The
Total Investment & Insurance Solutions
On
the SBI's credit-deposit ratio at around 50.5 per cent in West Bengal, she
said: "We need to create right situations for credit absorption. If there
is no credit absorption capacity, pouring lot of credit will cause NPAs." The Total Investment & Insurance Solutions
After
inaugurating the bank's wealth management services in the city, Bhattacharya,
later in the day, said credit absorption capacity in the north and eastern
states are relatively low.
She
said that what needs to be done in West Bengal is to have a look at value chain
financing.
She,
however, said consumption led retail credit growth has been progressing and on
the other hand, investment demand has not so far been picked up. The Total Investment & Insurance Solutions
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