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Wednesday, November 5, 2008

Pvt banks to reduce rates within fortnight

Following a meeting with finance secretary Arun Ramanathan, private banks today indicated that they will cut lending and deposit rates within next 15 days.

Federal Bank's Managing Director M Venugopalan said his bank will consider lowering by 50 bps.

ICICI Bank's Deputy Managing Director Chanda Kochhar said: "Both deposit and lending rates have to come down in the interest of the country."

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