‘Higher GDP growth a positive signal for industry’

Mumbai, November 30: With the GDP clocking a healthy 7.9 per cent growth in the second quarter, bankers today said improving demand in the system is likely to push up credit off-take in the coming quarters.

State Bank of India Chief Financial Officer SS Ranjan said though the more-than-expected jump in the GDP numbers is a positive sign, it is likely to reflect in bank credit growth only by the fourth quarter.

The nation’s largest lender expects to achieve a growth of 18-19 per cent for the full fiscal and sees growth coming in mostly from corporate and retail segments.

“The Q2 number looks good. But it may reflect in bank credit with a lagged effect. We should see credit picking up largely in the fourth quarter. This could be anywhere between 18-19 per cent for the full fiscal,” Ranjan told PTI.

The economy clocked a 7.