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Big rate cut needed to lift economy: ICICI chief

18th November, 2008

The Economic Times

Big rate cut needed to lift economy: ICICI chief
The Economic Times
18 Nov 2008, 1046 hrs IST, REUTERS
NEW DELHI: Interest rates have to come down by another 2-3 percentage points in order to stimulate demand in the economy, ICICI Bank chief K V Kamath said on Tuesday.
The Reserve Bank of India has taken a string of measures over the past few weeks to improve liquidity and boost growth, cutting its key lending rate - the repo - by 150 basis points to 7.5 per cent and lowering banks' reserve requirements.

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