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FICCI urges banks to align lending and deposit rates

31
Jul '09
Maintenance of status quo on key policy rates has been in line with the general expectations. There are signs of revival in business confidence and a some reduction in policy rates at this stage would have helped to provide fillip to corporate investment and thereby boost economic growth, said Mr Harsh Pati Singhania, President, FICCI.

It is also essential that liquidity is managed actively so that demand for private sector at viable rates is taken care of while Govt. borrowings are met. FICCI welcomes RBI Governor's observation in this regard.

There is a noticeable gap between deposit and lending rates of banks and FICCI President Mr Harsh Pati Singhania added that "we hope an alignment of the rates would be effected soon". While the public sector banks have put in more effort to bring lending rates in line with deposit rates, the private banks need more to align the rates, he added.

RBI has projected a GDP growth of 6% with an upward bias for the current financial year. FICCI also feels that based on its own studies and surveys, the growth rate should be in the range of 6-6.5%.

Federation of Indian Chambers of Commerce and Industry


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