Allahabad Bank not yet looking at interest rates cut: Official

January 30th, 2012 - 11:34 pm ICT by IANS  

Kolkata, Jan 30 (IANS) Kolkata-based Allahabad Bank Monday said it is not yet looking at slashing interest rates.

“I do not think the time has come as yet (to reduce interest rates). At the opportune time, we will definitely have a look at it,” Allahabad Bank chairman and managing director, J.P. Dua told mediapersons here after announcing the bank’s third quarter results.

The Reserve Bank of India (RBI) cut the cash reserve ratio (CRR) for banks by 50 basis points Jan 24.

Dua said the bank was hopeful of posting a 20 percent growth in advances and deposits by March this year.

“Presently, the bank is growing at 18 percent,” he informed.

The bank is aiming to register a net interest margin (NIM) of 3.5 percent for this fiscal year. NIM in the third quarter of the current financial year stood at 3.73 percent compared to 3.44 percent in the corresponding period last fiscal.

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