RBI steps would keep rates low: ICICI
Agencies
Posted: 2008-12-11 14:47:48+05:30 IST
Updated: Dec 11, 2008 at 1447 hrs IST
Mumbai: Country's largest private sector lender ICICI Bank on Thursday said it was hopeful that the measures taken by the Reserve Bank of India would help sustain interest rates at a lower level.
"We are hopeful that the measures taken by the RBI will help sustain interest rates at a lower level. We are interested that they (interest rates) come down," ICICI Bank Executive Director V Vaidyanathan told reporters on the sidelines of a CII summit in Mumbai.
Vaidyanathan said he was also hopeful that deposit rates would decline as well. "But there are a number of things playing with each other...there is the CRR and other things."
Describing the fiscal measures taken by the Centre earlier this week as "very important", Vaidyanathan said "the Government has taken the right step in the right direction to rev up the economy,"
The Government had introduced a stimulus package which has cut central value added tax (Cenvat) by 4 per cent to give a boost to the real estate, auto and infrastructure sectors.
"The Government's decision to reduce fuel prices would significantly impact the economy," the ICICI official said.
In June, the Government had hiked fuel prices, contributing to a double-digit inflation. It slashed prices of petrol by Rs 5 per litre and diesel by Rs 2 a litre from December 8 in view of falling global crude prices.
In terms of customer confidence, Vaidyanathan said "consumer confidence in banking and deposits are higher than what it was last year. Consumers are coming back now. Their confidence would be restored once the fog over the stock markets is cleared."
People were looking at alternative investments, the ICICI Bank executive said.
Once the situation in the stock markets stabilise, "people will start diversifying their investments," Vaidyanathan said.
Comments
» ICICI BAnk
Posted by Guruprasad on 2008-12-12 12:06:56.729273+05:30
lets form a group to collectively fight against the 'daylight robbery' of ICICI bank. 'Cheating' is too small a word for the atrocities being committed by this bank
» Look within yourself
Posted by N K Singh on 2008-12-11 18:22:17.360104+05:30
Why should we keep blaming banks only. We are also to blamed for high interest as we conviniently forget or skip the loan repayment. This increases the deliquency rates and dedfalts are high. When banks go to recover the money, they are shown the door on one pretext or other. Banks can not pay for the defaulters. The recovers these money from you and me in terms of higher interest rates.
» You look within yourself
Posted by vishal on 2008-12-20 01:51:07.648738+05:30
You seem to be one of them Mr Singh...Why should I pay for someone else defaulting..THe bank should take adequate care before giving the loans. They do it in their own interest to give to as many ppl as possible to collect more interest income. What you are suggesting is akin to saying.."why dont you give up your job cause there are so many unemployed!..Mature up!
» Housing loan Fraud
Posted by ash on 2008-12-11 17:54:42.024427+05:30
All these banks are fraud. The keep on increaing PLR for every reason. Drop is slow and that also for new cutomers. Even when rates were 7%, current cutomers were paying 11-12%. Same rule apply to HDFC etc. RBI need to make rules around this
» ICICI Bank is a bunch of Cheats
Posted by Rajesh on 2008-12-11 16:25:38.177791+05:30
Fully agree with Ameet. Floating rate increase from as low as 7 % to 13- 14% is tantamount to cheating and also when the repo rates and other rates have been reduced, the bank is not reducing the burden on the existing customers. Friends ..BEWARE of this bank.
» ICICI Bank...are u fooling the people?
Posted by Ameet on 2008-12-11 15:21:32.493318+05:30
Mr Vaidyanathan should stop fooling people. When the RBI increased the rates, ICICI was among the first bank to increase the interest rates on loans. Now, it has not yet reduced the interest rates inspite of RBI reducing all rates!! And Mr Vaidyanathan has the audocity to talk of ICICI being "interested "n reducing rates!! Mr Vaidyanathan, pl stop being "interested " get the interest rates down.
» ICICI Bank...are u fooling the people?
Posted by Guruprasad on 2008-12-12 12:03:18.877069+05:30
I FULLY AGREE WITH YOU AMEET. I AM ONE AMONG LAKHS OF LOANEES OF ICICI BANK UNFORTUNATELY.LETS SEE THE POSSIBILITY OF FORMING A 'FRONT' TO RAISE OUR VOICES AGAINST THE DAYLIGHT ROBBERY OF ICICI BANK
» ICICI bank... THE Cheater 2008
Posted by Suneel Jain on 2008-12-17 19:08:40.462091+05:30
same problem here... what to do, i do not want to become a defaulter, can i convert my loan directly to other bank.
