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'Interest rates will remain steady in 2007'

Interest rates will remain steady for 2007 says Deepak Parekh, HDFC chairman

Apnaloan.com Research Bureau

10 Aug 2007

The interest rates in India will remain steady till the year of 2007, said Deepak Parekh, chairman, HDFC, despite the RBI's recent hike in the CRR rates.

The Reserve Bank of India (RBI) raised the cash reserve ratio (CRR) to 7 per cent from 6.5 per cent in its monetary policy review last month to mop up funds that could fuel inflation.

But it left its short-term lending rate steady, as expected, after raising it five times since mid-2006.