HDFC chairman expects bank to cut rates again
18 Feb 2009, 1251 Hrs

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New Delhi, Feb 18 Housing Development Finance Corporation (HDFC) chairman Deepak Parekh has said that it expects the central bank to further cut its key policy rates in coming weeks.

"The inflation numbers have come down significantly and are on a downward trend. If the inflation number keep coming down, there is a better chance of interest rates coming down than going up," Parekh told reporters here last evening.

He expected that adding a cut may not happen immediately but could come after a few weeks.

Parekh further informed that banks have been depositing a surplus 400 to 600 billion rupees with the Reserve Bank of India on a daily basis.

Since October, the central bank cut its key lending rate, the repo rate, by 350 basis points in four moves to bolster growth. (ANI)

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