The Hindu Business Line : ‘Softening of interest rates round the corner’

Hyderabad, July 8 Mr Uday S. Kotak, Vice-Chairman and Managing Director of Kotak Mahindra Bank, has said that the softening of interest rates was round the corner.

“The rates have peaked. There will be reduction in the rates in the short and medium term,” Mr Kotak said.

Mr Kotak was here on Saturday to receive the V. Krishnamurthy Award for Excellence instituted by the Centre for Organisation Development (COD).

Toughest challenges

When asked about the toughest challenges he faced while building the financial institution, he said staying the course and changing the mindsets of policy makers, customers and other stakeholders were the biggest challenges.

Earlier, addressing the gathering after receiving the award, Mr Kotak said the country was in for the third wave of service revolution. While the first two revolutions were software services and telecom services, the third one, according to him, was financial services.

“It is still in the early stages. There is a great scope in this segment,” he said.

Mr Montek Singh Ahluwalia, Deputy Chairman, Planning Commission, said the country cannot expect major economic transformation without transforming the financial sector.

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