Bank advances rose at a much slower pace in the first half of the current fiscal year compared with the same period last year as the economy slowed, with bankers doubting the loan growth could miss the central bank's full year projection.

Banks' advances grew 2.2 per cent to Rs 48,09,384 crore as of October 5 since the start of the fiscal in April, data from the Reserve Bank of India showed on Wednesday. In the year-ago period, loans grew 7.1 per cent.

The incremental credit deposit ratio, which reflects fresh demand for loans in proportion to deposits, fell to 35 per cent from about 55 per cent in the previous year.

A senior executive with a Mumbai-based private bank said he expects the credit growth for the full year to be at about 13-15 percent, lower than the central bank's projection of 17 per cent.