Union Bank of India is aiming at a credit and deposit growth of 20% by the end of this fiscal

Union Bank of India (UBI) is aiming at a credit and deposit growth of 20% by the end of this fiscal, a top bank official told PTI.

"By the end of the current financial year, we expect to have a credit and deposit growth of 20%," UBI’s chairman and managing director, M V Nair, told reporters today.

Mr Nair said that the credit growth for the industry in the next financial year (FY11) would be 20%-21%.

"Credit growth for the industry in FY 11 will be 20%-21% and we (Union Bank) are targeting a growth of 25% during the next fiscal," Mr Nair said. "Our growth will be higher than that of the industry," he added.

Mr Nair said the Bank would require a capital of Rs1,400 crore during the next fiscal.

When asked whether the bank was planning to increase its lending rates in the wake of the Reserve Bank of India hiking its repo and reverse repo rates, Mr Nair said that the bank would wait for the credit policy to be announced on 20th April before taking any decision.