Lending rates likely to go up after September: ICICI Bank
NEW DELHI, July 19: The country’s largest private lender, ICICI Bank, today said it expects lending rates to go up after September as credit offtake is likely to pick up in the second half of the current fiscal. “My belief is the demand for liquidity will increase substantially in the second half of this year,” ICICI Bank CEO and Managing Director Chanda Kochhar said on the sidelines of a CII function. “So, you would see some gradual increase in interest rate on the lending side over the next one year,” she said. Asked about the initial public offering (IPO) plans of the bank’s subsidiary ICICI Securities, she said, “There is nothing in the offfing. Nothing in this fiscal.” ICICI Securities is ICICI Bank’s broking and advisory unit which has pioneered an online share trading platform in India. On base rate, Kochhar said that it has already been announced and lending rates are getting realligned with base rate. “Immediately you will not see change in effective rate just because of the announcement of base rate,” she said.
On inflation, she said it is something that the economy needs to monitor as it is becoming widespread and is not just food related but has spread to other sectors as well. (PTI)
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