Public sector lender Union Bank of India has lowered its target set for credit as well as deposit growth for this fiscal. The revision in target figures comes in correspondence to the revised projections of regulator Reserve Bank of India, informed CMD of the bank, Mr M V Nair.

The credit growth target has been set by the bank at 18.5% and deposit growth target at 16.5%.

"Credit growth is slowing down. Margins for corporates are still reasonably okay. But the impact on asset quality will be felt by the small and medium enterprises segment or those companies that are highly leveraged or those industries that are hit by certain developments. For instance, textiles industries, which were hit by lower cotton prices," said Nair.

The bank has also brought up a new customer education venture by the name of Union Chetna. It happens to be an information window for both employees as well as customers of the bank.