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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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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Wednesday, Jun 04
04:30 AiG Industry Index 2 -12.3 -15.0
07:00 Gross Domestic Product (YoY) 2 1.3% 1.5% 1.3%
07:00 Gross Domestic Product (QoQ) 3 0.2% 0.4% 0.6%
14:00 S&P Global Services PMI 1 50.2 50.2
14:00 S&P Global Composite PMI 1 49.4 49.4
16:30 MBA Mortgage Applications 1 -1.2%
17:45 ADP Employment Change 3 115K 62K
18:00 Fed's Cook speech 2
18:00 Fed's Bostic speech 2
18:00 Labor Productivity (QoQ) 1 0.4% 0.6%
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