Not to reduce interest on consumer durable loans: HDFC Bank
Quotes

Not to reduce interest on consumer durable loans: HDFC Bank

Last Updated: Friday, October 04, 2013, 19:38
 
 Comment 0
 
Not to reduce interest on consumer durable loans: HDFC Bank
Chomu: HDFC Bank on Friday said it will not reduce interest rates for consumer durable loans ahead of the festive season, although state-owned lenders might do so on a call by the Finance Ministry to boost demand.

"No, we will not be reducing the interest rates (on consumer durable loans). We are already providing such loans at a competitive rate," HDFC Bank Managing Director Aditya Puri told PTI.

The bank marked the 20-lakh household target here under its Sustainable Livelihood Initiative (SLI).

At a meeting with Reserve Bank Governor Raghuram Rajan and Economic Affairs Secretary Arvind Mayaram to infuse an additional capital into public sector banks, Chidambaram had said he would meet heads of PSU banks soon to impress upon them the need to lower interest rates for select sectors.

The capital infusion, over and above the Budget provision of Rs 14,000 crore, comes ahead of the festival season and is aimed at providing cheaper loans for auto and consumer durables to push demand and promote economic growth.

"Lower interest rates will depend on the lending capacity of banks. Banks to decide on sector where lower rates will boost demand. I will meet bankers soon," Chidambaram said.

He said this will bring relief to consumers, specifically the middle class and boost capacity infusion, employment and production.

As per the latest industrial output data, the output of the consumer durables sector declined by 9.3 percent in July, from a growth of 0.8 percent in the same month last year. The segment saw a 12 percent decline in output in April-July compared with growth of 6.1 percent.

PTI



First Published: Friday, October 04, 2013, 19:38


Comments


comments powered by Disqus
Honda Mobilio MPV
Honda Mobilio MPV
BRICS Annual Summit 2014
BRICS Annual Summit 2014
Tata Zest Standout Features: In Pics
Tata Zest Standout Features: In Pics
New car launches in July
New car launches in July
Tata Zest first drive review: In pics
Tata Zest first drive review: In pics

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved