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Mistry says the RBI may have leeway to cut interest rates by 50-75 basis points over the next one year, but much will also depend on how global events play out.
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In an interview with CNBC-TV18, Rana Kapoor, MD & CEO of Yes Bank says that YES Bank is focusing on retail and SMEs segments to expand its consumer business.
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Welcoming the rate cut by HDFC Bank, Ramesh Iyer, MD, Mahindra & Mahindra Financial Services says he hopes others in the system follow the lead that will help companies with sizeable borrowing in their books.
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SBI, MD - corporate banking, P Pradeep Kumar says, it has been continuously reviewing base rates and lowering deposit rates since August or September last year. "A further cut will depend on SBI's cost of funds, composition of asset portfolio, etc."
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In the third bi-monthly monetary policy meet today, RBI Governor Raghuram Rajan said banks have merely lowered lending rates by a fraction.
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In an exclusive conversation with IL&FS Vice Chairman Hari Sankaran, CNBC-TV18 quizzed him on banks cutting infra exposure, the government's rationale behind toll exemptions and the company's future fund raising plans.
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Paresh Sukthankar executive director, HDFC Bank says the quantum of cut is marginal which may not significantly boost credit growth.
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The Foreign Investment Promotion Board had cleared HDFC Bank‘s proposal in December and had cleared Lupin‘s FDI proposal in November.
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The commercial private sector lender expects net interest margins in the range of 3.2-3.3 percent for Q3.
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HDFC Bank cut interest rates on retail term deposits between 25- 50 basis points. It has cut rates on 48-day to 1 year deposits.
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In an interview to CNBC-TV18, Keki Mistry clarified that HDFC would like to maintain its stake in the bank and that the company board will decide whether its needs to change the stake pattern.
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Puri feels that it is dangerous for banks to grow fast when the economy is slowing as it can result in higher non-performing loans.
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The consolation, if any, is that the macro-environment may not deteriorate here on. That is ICICI Bank CEO Chanda Kocchar‘s big picture view of the economy and the banking industry.
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Aditya Puri of HDFC Bank Puri expects margins in the range of 4.2-4.5 percent. However, there could be some minor impact on margin which would be made up in the rest of the year," he adds.
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According to Ashish Parthasarthy, after RBI issues free bank-branching circular, opening of new branches will become easier. He adds that the measures issued by the new RBI governor, if executed well, will change the landscape of banking in longer-term
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Vaibhav Agarwal of Angel Broking is not surprised on the action. He told CNBC-TV18 that it would be sufficient to cover the margin for the next quarter as large loans get re-priced instantly.
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According to Paresh Sukthankar, the short-term deposit rates that use to be at maybe 7-7.25 percent have now moved to 8.25-8.50 percent, clearly reflecting the short-term liquidity or tightness in the market
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Even though there is no such big threat for rating downgrades, according to Ananda Bhoumik – Director India Ratings, the domestic arm of global rating agency – Fitch; non-performing loans (NPLs) are expected to rise till September, 2013.
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Banking Secretary Rajiv Takru says Reserve Bank of India in talks with the banks involved in the Cobrapost string; would take firm action if anything wrong comes out.
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HDFC Bank has been on a branch expansion spree in semi-urban and rural places over the last couple of years, outpacing rivals, as it hopes to reap rich dividends from the wealth creation in these centres when economic growth picks up in the coming years.
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Confident Aditya Puri, managing director, HDFC Bank expects the bank to continue to grow faster than the industry. "Our growth rate is a function of GDP, if GDP grows at 6.5-7%, so the system will grow at 15-17%. We grow between 4-6% percent faster than the market; I don't see this trajectory changing," he said in an interview to CNBC-TV18.
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HDFC Bank has cut its minimum lending rate by 20 basis points, effective today. Speaking to CNBC-TV18, Paresh Sukthankar, Executive Director, HDFC Bank said that any change in base rate will depend on deposit rates, which in turn depends on liquidity.
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Union Bank has cut its lending rates for some segments that is the medium and small enterprises by 50-350 basis points.Debabrata Sarkar, CMD, Union Bank said that it is a part of their endeavour to give special emphasis to agriculture, retail advances, micro and small enterprises.
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Optimistic as ever, Aditya Puri, chief executive officer and managing director of HDFC Bank believes, India's structural story is very much intact if the PM manages to sort out the basic infrastructural concerns.
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In an exclusive interview to CNBC-TV18, Aditya Puri, MD, HDFC Bank says that big ticket reforms are not the need of the hour and adds that the basic problems have to attended to first.
