Allahabad Bank not yet looking at interest rates cut: Official
January 30th, 2012 - 11:34 pm ICT by IANSKolkata, 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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- Allahabad Bank's Q3 net up by 34 percent - Jan 30, 2012
- Rate cuts unlikely as RBI reviews policy this week - Jan 22, 2012
- Allahabad Bank profit up by 20.45 percent - Jul 22, 2011
- CRR reduction will help ease liquidity problems: India Inc. - Jan 24, 2012
- Shifting focus to growth, RBI infuses Rs.320 bn into system (Roundup) - Jan 24, 2012
- India's central bank infuses more money into system (Lead) - Jan 24, 2012
- Economy to grow at 7 percent, no rate cut before April: Ficci - Jan 23, 2012
- CRR cut will ease liquidity problems, says Pranab - Jan 24, 2012
- RBI mid-quarter policy review highlights - Mar 15, 2012
- United Bank's net up by 13.7 percent in Q2 - Oct 31, 2011
- RBI adopted a dovish policy: HDFC Bank official - Jan 24, 2012
- India's central bank frees more money for credit - Mar 09, 2012
Tags: bank of india, banks, basis points, cash reserve ratio, crr, dua, fiscal year, interest margin, jan 24, managing director j, net interest, nim, opportune time, rbi, reserve bank of india, slashing interest rates, third quarter results