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ICICI assessing market on possibility of rate cut

ICICI assessing market on possibility of rate cut
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First Published: Tue, Feb 05 2008. 02 58 PM IST
Updated: Tue, Feb 05 2008. 02 58 PM IST
PTI
Mumbai: The country’s largest private sector lender, ICICI Bank has kept its cards close to the chest on the possibility of an interest rate cut, saying on 5 February it was still assessing the demand-supply position for credit.
“Let’s wait see what happens. This is the last quarter of the year where rates normally tends to rise. It would be unwise to say how rates will move the next six weeks. We have also to see the demand-supply gap,” chairman K V Kamath, told reporters here.
Asked about the slow-down in the bank’s credit offtake during the fiscal, Kamath said there has been a slow-down in automobile and mortgage portfolios.
“There was a slow-down in segments like automobile. There was an impact in the mortgage business also, due to high cost of property prices,” Kamath said, adding,“there was no serious impact across the board.”
On the issue of the bank’s holding company, Kamath said it will wait for the new draft policy from the Reserve Bank before taking any decision in this regard.
Noting that the domestic economy is expected to continue the current growth momentum, Kamath said that he expects the economy to grow in double-digits in the next 10-25 years.
“A growth at 10% is already happening. I believe that the country is able to sustain this (growth) and may even move to a double digit growth in the next 10-25 years,“Kamath said.
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First Published: Tue, Feb 05 2008. 02 58 PM IST