|State Bank of India has projected a 20% growth in credit flow to mid-corporate segment for the fiscal. The bank had grew by 8% last year, said Mr. R. Venkatachalam, Dy. MD and Group Executive SBI mid-corporate segment.
The bank categorizes the companies with annual revenues of Rs. 50 crore up to Rs. 1000 crore as mid-corporate segment. Mr. Venkatachalam added that the last year's growth of 8% was well below the bank's normal projections of 20%, and its normal for the lender to project that growth.
The total loans of the bank as of the quarter ending March 31, 2012 were Rs. 1.72 lakh crore, as per the bank's projection, it should disburse Rs. 34,400 crore to the mid-corporate by the end of March 2013. While during FY12, the bank's loan books grew by Rs. 9000 crore.
Mr. Venkatachalam further added that even during slowdown, certain segments require credit, and banks should do more to meet the demands and of such segments. He found iron and steel as one such sector, which will also contribute to the overall growth of the infrastructure sector and the economy.