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Amid weakening markets and falling rupee after the US Federal Reserve last week indicated of slowing down its monetary easing programme, HDFC Bank chief said the markets have overreacted.
“Markets are definitely over-reacting. It is unfair and not productive to keep asking what is happening to the rupee as it (the weakening markets and rupee fall) is because of the external circumstances,” said Aditya Puri, Managing Director, HDFC Bank.
“Also, the Fed has made optimistic projections as to what will happen and have said that if these things happen, it would withdraw it (quantitative easing).
“The markets have taken that as a given. So they tend to stabilise over a period of time and in the interim they overshoot,” Puri said.
According to him, India is fundamentally strong and that it “will continue to grow by about 5-6 per cent depending on what happens globally. The temporary ups and down nobody can explain.”
Further, he mentioned that gold imports and commodity prices should come down.
On the recent Cobrapost expose, Puri said, the RBI in its investigation has not found any case of money laundering. “No KYC (Know-Your-Customer) norms violations other than in some insurance products were found.”
On the new banking licences, he said, “The RBI has been very fair and transparent (in the licensing guidelines) and nobody has the right to second guess over it.”
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