India Fin Secretary: Private Banks Have Assured Will Examine Rate Cut
Wednesday November 5th, 2008 / 9h22
NEW DELHI -(Dow Jones)- Private-sector banks Wednesday assured the Indian government that they would examine lowering their lending and deposit rates following the recent monetary easing by the central bank, the finance secretary said. "They have assured that they will continue to protect the existing lines of credit and will continue to lend to mutual funds, non-banking finance companies, small and medium companies," Arun Ramanathan said after a meeting with the heads of private banks. Overall, liquidity in the banking sector has improved, Ramanathan, who is also the secretary of financial services, said. Separately, another finance ministry executive said that private banks expect lending and deposit rates to fall in the next 15 days. The RBI recently slashed the repo rate by 150 basis points and cut the amount of deposits that banks have to set aside as cash by a hefty 350 basis points. -By Mukesh Jagota and Gaurav Raghuvanshi, Dow Jones Newswires; 91-11-43563300; chandrasekhar.jayachandran@dowjones.com
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