Mumbai: The biggest private lender of the country, ICICI Bank Ltd, is in no hurry to cut interest rates in the footsteps of some smaller rivals that have done so, its chief executive said on Wednesday.
“This is the last quarter when credit offtake will be better. We will wait and watch and it is not the right moment to talk about it,” K.V. Kamath said on the sidelines of a conference.
He was responding to queries from reporters when the bank would lower rates.
Last month, India’s central bank left all key rates steady in its quarterly policy review but said commercial banks could lower their rates.
On Tuesday, state-run Allahabad Bank said it had cut lending rates to individuals for buying homes, cars and consumer goods by 50-100 basis points.
Top mortgage lender Housing Development Finance Corp lowered its prime lending rate by 25 basis points to 10.25% last week.