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HDFC chairman expects bank to cut rates again.

Byline: ANI

New Delhi, Feb 18 (ANI): Housing Development Finance Corporation (HDFC HDFC Housing Development Finance Corporation (India)
HDFC Housing Development Fund Corporations (New York City limited-equity, low income, housing cooperatives)
HDFC Huntington's Disease Family Center
) chairman Deepak Parekh has said that it expects the central bank to further cut its key policy rates in coming weeks.

"The inflation numbers have come down significantly and are on a downward trend. If the inflation number keep coming down, there is a better chance of interest rates coming down than going up," Parekh told reporters here last evening.

He expected that adding a cut may not happen immediately but could come after a few weeks.

Parekh further informed that banks have been depositing a surplus 400 to 600 billion rupees with the Reserve Bank of India The Reserve Bank of India (RBI) is the central bank of India, and was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. Since its inception, it has been headquartered in Mumbai.  on a daily basis.

Since October, the central bank cut its key lending rate, the repo rate, by 350 basis points in four moves to bolster growth. (ANI)

Copyright 2009 Asian News International The Asian News International (ANI) agency provides multimedia news to China and 50 bureaus in India. It covers virtually all of South Asia since its foundation and presently claims, on its official website, to be the leading South Asia-wide news agency.  (ANI) - All Rights Reserved.

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Publication:Asian News International
Date:Feb 18, 2009
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