Indian banks likely to cut rates |
India`s fiscal year 2014-15 may record the slowest growth in bank credit in the last five years. Large Indian banks may therefore cut interest rate in April to increase their market share. Several banks are now eyeing the retail segment particularly home loans and auto loans to keep credit growth going. Reserve Bank of India says bank credit grew by a measly 9.2% up to March 20th. Reportedly, reduction in lending rates was on the cards but banks were waiting for RBI direction in monetary policy statement on April 7.
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