Kamath expects no rate change in near futureKamath expects no rate change in near future
Apnaloan.com Research Bureau
09 May 2008
ICICI Bank Managing Director and Chief Executive Officer, KV Kamath has said in media reports that he does not expect any interest rate change in the near future.
He ruled out an expected hike in interest rates even though the Reserve Bank of India (RBI) hiked the Cash Reserve Ratio (CRR) to 8.25 per cent in its annual credit policy meet held on April 29, 2008.
In April, RBI increased the CRR by 0.75 per cent in two separate announcements to control inflation and suck out Rs. 27,000 crore excess liquidity in the banking system. In spite of the above measures, Kamath said that the liquidity is still quite good in the market so the market will determine the interest rates.
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