Mumbai: HDFC Bank is planning to take a call on lowering its lending rates in certain retail products during the upcoming festive season, a senior official said. "From a tactical point of view, we will respond to the market, remain competitive...if the market is moving in a certain direction, we will also remain competitive and I think that is something which we will roll out in the next few weeks," HDFC Bank Executive Director Paresh Sukhtankar said. He, however, did not disclose more details, saying, "I do not have anything to convey in a definitive manner."
ICICI Bank had last week announced lending rate cut up to 1 per cent in home loans. SBI has already announced rate cuts while the ICICI announcement was preceded by similar moves by others like Vijaya Bank. Only SBI has cut its base rate while the other banks have gone for reducing their spreads in loan categories. Sukhtankar said there are two dimensions to a call on cutting rates.
The first is the more structural driver of the movement of cost of funds which is determined by the deposit rates while the second, driven by competition, are tactical moves aimed at gaining market share and remaining competitive during a busy season. During the last quarter, deposit rates have gone down by as much as 0.75 per cent, and there is little scope for them to go down further, he said. On the base rate, Sukhtankar said it is dependent on the movement
12:27 PM, Oct 14, 2012
Mumbai: The country's largest lender State Bank of India (SBI) on Wednesday said it was not in favour of hiking lending rates despite the Reserve Bank's 12th consecutive rate increase last month. "We had contemplated that (interest rate hike). Right now indications are that the margins are quite robust and the net interest income for the September quarter is also pretty good. That is why we didn't think it was...
07:27 PM, Oct 05, 2011
New Delhi: Since the Reserve Bank's first quarter review of July 26, the global macroeconomic outlook has worsened. There is growing consensus that sluggishness will persist longer than earlier expected. Concerns over the sovereign debt problem in the euro area have added further uncertainty to the prospects of recovery. Domestically, even as many indicators point to moderating growth, both headline and non-food manufactured products inflation are at uncomfortably high levels....
01:01 PM, Sep 16, 2011
Mumbai: Country's largest lender SBI on Tuesday announced a hike in lending rates by 75 basis points (bps), making housing, auto and other loans dearer for both new and existing borrowers. State-owned SBI has increased the base rate, or the minimum lending rate, by 75 bps (0.75 per cent) to 9.25 per cent. The new rate is effective from May 12, the lender said in a statement. The hike in...
08:23 PM, May 10, 2011
Mumbai: The Reserve Bank of India on Tuesday raised its key short-term lending and borrowing rates by 0.25 per cent each with immediate effect. The short-term lending (repo) rate has been hiked to 6.50 per cent and the borrowing (reverse repo) to 5.50 per cent. Here is what the hike in rates by Reserve Bank of India means for you and me. Banks normally take the signaling rate as an...
04:35 PM, Jan 25, 2011
New Delhi: Finance Minister Pranab Mukherjee on Thursday said the Reserve Bank's move to raise its short term lending and borrowing rates is in the right direction as inflationary pressures are still there in the economy. "I think it (the RBI move) is in the right direction because now the corridor has been narrowed down and still inflationary pressure is there in the system," Mukherjee told reporters in New Delhi....
04:39 PM, Sep 16, 2010
MUMBAI: ICICI Bank, India's second-largest lender, said it was raising its lending rates by 50 basis points from Wednesday, in line with the Reserve Bank of India's tightening policy. The private-sector lender said its prime lending rate would be 16.25 per cent and the floating reference rate for consumer loans would be 13.25 per cent. On Monday, State Bank of India, the country's largest lender, had said it was raising...
08:53 AM, Aug 17, 2010
Amount banks need to keep in govt securities raised. ...
11:36 AM, Oct 27, 2009
Pranab reminds banks they haven't passed on RBI's benefits. ...
01:37 PM, Jun 10, 2009
This seems to be Pranab Mukherjee's welcome gift to the
aam admi. ...
03:16 AM, May 28, 2009
RBI moves to inject funds into system, signaling soft interest rate regime. ...
01:55 PM, Feb 02, 2009
RBI raised its key lending rate to a seven-year high on Tuesday to curb inflation. ...
01:02 PM, Jul 29, 2008
Bangalore: Rest of India captain Cheteshwar Pujara praised the spin duo of Pragyan Ojha and youngster Harmeet Singh, who shared six wickets between them in the second innings of Rajasthan. The two spinners did not get a single wicket in the first innings but played key role in the second in team's big win. Pujara said the job was cut out for spinners to contain Rajasthan in the first innings...
04:56 PM, Jun 30, 2008
Chennai: India set up a quarterfinal clash with Australia after beating the West Indies by 80 runs to finish second in Group B of the World Cup here on Saturday. Chasing 269 to win, the West Indies lost their last eight wickets for just 34 runs to get all out for 188 after being 154/2 at one stage. However, they too went through to the quarterfinal and will take on...
05:20 PM, Jan 04, 2008
Interest rates won't come down at least over the next six-nine months. ...
02:13 PM, Sep 17, 2007
Following ICICI rate hike, HDFC too raised its key lending rates by 75 basis points to 14.25 per cent. Other banks may follow suit. ...
11:00 AM, Apr 02, 2007
The bad news is only for people who are taking fresh loans. Old customers have been spared from the rate hikes. ...
04:19 PM, Feb 23, 2007
Housing and car loans will not be impacted, even though some private banks are considering interest rates hike on these as well. ...
09:55 PM, Feb 14, 2007
The latest PLR hike would not have any implications on home loan interest rates as these are not linked to the benchmark PLR. ...
03:14 PM, Dec 29, 2006
The central bank had in its annual report last month also raised concern on the SEZ scheme. ...
02:52 PM, Sep 21, 2006
