Click to play videoNew Delhi: It has been a tough year for banks, with credit off-take slowing down.
ICICI Bank’s MD and CEO, K V Kamath admits, “particular slowdown” has been seen “automobile and light engineering industries, not necessarily cars.”
“In mortgages, if there is a differential in interest rates, then there will be flows coming our way,” he explains.
Meanwhile, home loans are now becoming cheaper, for after HDFC slashed its rates, two more banks are softening theirs.
State-run Canara Bank has become the first PSU bank to cut home loan rates by 25 basis points across all tenures. The quarter percentage cut will be applicable for both existing and new customers.
Allahabad Bank has also cut rates by 50-75 basis points on home loans and by 100 basis points on auto loans. These cuts will be effective from February 10.
While Allahabad Bank has cut both deposit and lending rates, Canara bank says it will also look into a deposit rate cut shortly.
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