3 banks raise non-resident deposit rates

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Mumbai, Nov 17: decided on the size as well as the tenor of the proposed loan. At the moment we are keenly watching the deposit rates in the system and are not in a hurry to alter our lending rates.”

RR Nair, director & chief executive, LIC Housing Finance, said, “We are studying the details given by RBI in this connection.”

“We may require raising a sum of Rs 7,000-8,000 crore, including the foreign currency, for the current fiscal, but it will all depend on the margins. We have not transferred the increase in our cost, by 125 basis points since April, to our customers as yet. Also, we have to see up to what extent banks will be reducing their rates before cutting our rates”, Nair added.

Kapil Wadhawan, vice chairman & managing director, DHFL, said, “The short-term foreign currency borrowing programme introduced is a very positive move as more forex money will flow in. We are eagerly waiting for the final guidelines. We expect interest rates to come down and induce further liquidity in the system.’’