Business Daily from THE HINDU group of publications
Sunday, Nov 02, 2008
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Sunday, Nov 02, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Money & Banking
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CRR & Bank Rates ‘System requires money now’ 
Mangalore, Nov. 1 The Chairman and Chief Executive Officer of Karnataka Bank Ltd, Mr Ananthakrishna, told Business Line that the system requires money now. The call rate has gone up to 22 per cent, and the inter-bank money market is in a difficult position now. Therefore, the RBI has taken a decision to reduce CRR by 1 per cent, SLR by 1 per cent and repo rate by 0.5 per cent. Asked if the lending rates would come down in the banking system, he said: “They (RBI) may expect some reduction in the rate of interest.” To a query on whether Karnataka Bank will reduce rate of interest, he said: “We will think about it next week, and take a decision on it.” ‘Liquidity will improve’: Mr Asit Pal, Executive Director of Corporation Bank, said that the liquidity will improve in the system with RBI’s move. Mr Pal hoped that stabilisation of interest rate will be there in the system. Asked if Corporation Bank is planning to reduce rate of interest, he said: “We have to think about the impact of the availability of liquidity and how the market reacts.” — Our Bureau More Stories on : CRR & Bank Rates | Private Banks
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