Central Bank not to cut Interest rates

By IANS

Mumbai : The Central Bank of India is in no hurry to cut interest rates, according to chairman and managing director H.A. Daruwalla.

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“At present we are offering the lowest interest rates in the home loans sector. We will wait and watch the situation,” Daruwalla told IANS.

“This is the last quarter of the year where rates normally tend to increase. It would be unwise to say how rates will move during the next six weeks. We must also consider the demand-supply gap,” she added.

Last month, the Reserve Bank of India (RBI) left all key rates unchanged in its review of quarterly policy.

On Tuesday, Corporation Bank, Allahabad Bank and Canara Bank said they had cut lending rates to individuals for buying homes, cars and consumer goods.