ICICI chief urges RBI to cut interest rates

November 16th, 2008 - 6:49 pm ICT by IANS  

New Delhi, Nov 16 (IANS) The head of India’s largest private lender ICICI Bank Sunday called upon the Reserve Bank of India (RBI) to further slash key interest rates to infuse liquidity into the system, as inflation has come down to single digit.Speaking at the World Economic Forum-India Economic Summit here, bank chairman K.V. Kamath said: “Interest rates are still high.”

With inflation figure falling to single digit, Kamath, who is also the president of the Confederation of Indian Industry, said the Reserve Bank of India - the country’s central bank - should now get the confidence “to roll back or signal drop in interest rates”.

The inflation figure dropped to 8.98 percent for the week ended Nov 1, compared to the preceding week’s 10.72 percent.

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