Friday, 2 December 2016

Banks receiving deposits of Rs 11 lakh cr a rumour

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Bulk of the people have already deposited their cash in banks. The trend of long queues outside banks for deposits in December is very unlikely, says Keki Mistry, Vice Chairman and CEO of HDFC . He says the news that Rs 11 lakh crore having already been deposited is only a rumour and not backed by any credible source. He says the Reserve Bank of India is likely to cut rates by around 25-50 basis points next week. With hopes of RBI cutting rates and US Federal Reserve raising rates, the rupee is going to take a beating, thus creating inflationary pressures in the economy.

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