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Tamil Nadu-headquartered Karur Vysya Bank and City Union Bank have both hailed the RBI’s move on repo rate and CRR cut.
“It is a welcome move and on expected lines. The move will have a positive impact,’’ said N. Kamakodi, Managing Director, City Union Bank, and Venkataraman, Managing Director, Karur Vysya Bank.
City Union Bank is planning to review the situation and take a decision on the rate cut around February 10, albeit after taking into account the overall market funding and based on the decision taken by other banks.
“Our credit growth so far has been comfortable at around 30 per cent. We cut the interest rate on advances in 2010. We will review the situation now,’’ Kamakodi said in reply to a query.
But Venkataraman maintained that KVB had recently reduced the interest rate on deposits and going with this move by the RBI, the rate would fall further.
Asked when KVB would take a call on the rate cut, he said: “the asset-liability committee will meet soon and take a call on the cut.’’
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