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SBI, ICICI to be worst hit by CRR hike: Goldman Sachs Report

SBI, ICICI to be worst hit by CRR hike: Goldman Sachs Report

Apnaloan.com Research Bureau

23 Apr 2008

The Goldman Sachs Group,  a global investment bank and  financial advisor, has come up with a report which says that the Reserve Bank of India's (RBI) decision to increase the Cash Reserve Ratio (CRR) will have a significantly adverse impact on State Bank of India (SBI) and ICICI Bank.

RBI is likely to raise the Cash Reserve Ratio (CRR) to handle the inflation which is running at a three-year high.

Banks show a slower loan growth with interest rates at the highest in six years. The earnings and returns are expected to fall by 1 per cent to 2.7 per cent.

RBI will increase the CRR to 8 per cent from 7.5 per cent in two phases by May 10. The increase, the first in 2008, would drain as much as Rs. 18,500 crore from the financial system.

Loan growth has slackened to 21.6 per cent in the year through March 2008, from 28.1 per cent as in 2007 because the consumers postponed taking up auto and home loans due to high interest rates.

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