ICICI Bank to adopt wait-and-watch policy on interest rate

Wednesday, 28 May 2008, 13:09 Hrs
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Kolkata: India's leading private sector bank ICICI Bank Tuesday said it would prefer to wait before revising interest rates on term deposits.

"We have to watch carefully before taking any decision," K.V. Kamath, ICICI Bank CEO and also president of the Confederation of Indian Industry (CII), said.

"Systemic liquidity is comfortable. Systemic credit off-take is not at high level that it warrants a tinkering in interest rates," he said.

His comments came a day after India's largest commercial bank, the State Bank of India, hiked term deposit rates by 25-50 basis points.

He was speaking at an interactive session on "India @ 75: The Emerging Agenda" here.

Keeping in perspective the strong performance of Indian economy in the past one year, the medium term aspiration is to double the per capita income in 10 years, target to increase the share of manufacturing in GDP to 25 percent by 2020 and expect 10 percent overall growth in medium term in an inclusive manner, he said.

Kamath said these aspirations will be achievable through job creation.
Source: IANS
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