Tuesday, 18 November 2008

India needs big rate cut to lift econ - ICICI chief

NEW DELHI (Reuters) - Interest rates in India 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 percent and lowering banks' reserve requirements.

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