Tamil Nadu   

What they say

F. R. Joseph

F. R. Joseph, Regional Director, Reserve Bank of India, Chennai: There has been an increased off take in credit last year across the state. The total aggregate credit of banks in Tamil Nadu has increased by Rs. 42,407 crore, recording a growth of 20.2% per annum, during the calendar year 2008. It is likely that the demand for bank credit has gone up because of the relative inability of Indian corporates to raise funds through external borrowing and from capital markets. Though the RBI has brought down repo rate and reverse repo rate, most banks have not brought down their lending rates in equal measure for which RBI is sensitising them. Banks may be compelled to insist on adequate margin to provide housing loans due to volatile nature of property prices.

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