Name: Lending rates not to come down till March '08: ICICI
Uploaded: 2007-09-17T14:13:24+05:30
Description: Interest rates won't come down at least over the next six-nine months.

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New Delhi: Despite July industrial growth numbers having halved to 7.1% as against 13.2 per cent YoY, the Reserve Bank is still signaling a tighter monetary policy. 
 
The central bank is still preoccupied with inflation even after bankers and industry leaders said that a slowdown in growth rate could make it difficult to regain momentum. 
 
The rate of industrial growth is slowing down while inflation has fallen down to a two-year low. Will the RBI bit the bullet and cut interest rates now? “No” says ICICI bank, which feels the concerns about inflation are still paramount to warrant a cut in rates in the near future. 
 
V Vaidyanathan, Retail Head, ICICI Bank, doesn't see lending rates coming down for the next 6-9 months. “Inflation rates have been coming down but the worry on inflation has not gone away. The signals are such that I feel that interest rates are going to be flat now, they are not going to come down at least for the next six-nine months. I suspect interest rates on the lending side are not going to come down in the next year or so,” he said. 
 
He feels that RBI may not play around with interest rates as long as GDP sustains growth at 8.5 per cent levels. "It all depends on signals from the regulator. The regulator is still signaling a tight monetary policy. As I said inflation worries continue. That means that the monetary policy remains tight. If it remains tight, I don’t see the regulator signaling a lowering of interest rates either, and consequently I don’t think that banks will be dropping interest rates either. You might see an odd offer coming from banks from time to time. But that is really short-term. I do not think that interest rates are coming down," he said. 
 
So, if you were planning to buy a home or a vehicle, you may want to put your plans on hold as there might be no let up in interest rates.

Lending rates not to come down till March '08: ICICI

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Interest rates won't come down at least over the next six-nine months.

Lending rates not to come down till March '08: ICICI

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