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No immediate rate hike due to stiffer CRR
BANGALORE: The Reserve Bank of India's decision on Saturday to increase by 50 basis points, the capital reserve ratio (CRR), didn't necessarily mean banks would raise interest rates, said A. K. Purwar, Chairman, State Bank of India, and K. V. Kamath, Chief Executive Officer, ICICI Bank, at a bankers' conference here on Tuesday. The RBI's two 25-basis point increases, on September 18 and October 2, would take the CRR to 5 per cent. "There will be no immediate impact," Mr. Purwar said. The market was flush with money, Mr. Kamath said."Liquidity is strong in the system. As a result, I don't see this causing any immediate shock in interest rates. At the moment, I don't see any change either way," he said. — Our Staff Reporter
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