ABN-Amro sees rise in personal loan defaulters

August 12th, 2008 - 6:53 pm ICT by IANS  

Mumbai, Aug 12 (IANS) ABN Amro Bank has seen a rise in the number of personal loan defaulters in its India operations, the bank’s country executive Meera Sanyal said here Tuesday. “This is a part of the credit cycle, we have to be careful with it. The whole banking sector has to deal with this,” Sanyal told reporters.

However, she refused to divulge the count of the bank’s personal loan portfolio in India.

With current economic slowdown, she said the medium term growth will be slow but is hopeful about a good growth in the long term.

In the same breadth, Sanyal said by October inflation will touch 13-14 percent but after that it will taper off.

“Since the oil and commodities prices are falling, in the long run there will be a strong consumer demand,” Sanyal added.

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