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Interest rates may come down, says ICICI Bank chief

Interest rates which had been moving up for more than one year is likely to see a downward trend now. Close on the heels of HDFC chief, Deepak Parekh expressing his views last week on a potential downward correction in interest rates, ICICI Bank Chief KV

10 Aug 2007

Interest rates which had been moving up for more than one year is likely to see a downward trend now. Close on the heels of HDFC chief, Deepak Parekh expressing his views last week on a potential downward correction in interest rates, ICICI Bank Chief KV Kamath has said that interest rates currently seemed to have peaked and might probably come down.

"Credit growth has clearly slowed down across all sectors and lay consumers are under pressure. Their affordability has been impacted. Credit off take has slackened and deposit mobilisation and liquidity are strong. Inflation is well under control at around 4 per cent and call rates are at 0.1 per cent. The analysis is very clear and the first challenge is to bring down borrowing costs. We have to wait for the RBI's signal and in another three months, we might see the cycle turn,"  Kamath explained, while speaking to media on the sidelines of a function in Chennai on July 17, 2007.

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