India rates spur fears

Article Abstract:

Officials of the Reserve Bank of India were compelled to increase interest rates from 9% to 11% in response to the continuing devaluation of the ruppe. The move was introduced after the central bank failed to prevent the currency from declining more than 11%, reaching a 40.45 exchange rate. Central bank officials further increased the statutory cash-reserve ratio from 10% to 10.5%. The decision was strongly criticized by industry members, claiming that it would only retard industrial growth and hinder economic development.

Administration of General Economic Programs, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Banking Regulation, Currency Stabilization Programs, Economic aspects, Interest rates, Banking law, Currency devaluation, Devaluation (Currency), Currency stabilization, Reserve Bank of India

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Antidote to state-run sector: technology, policies lend HDFC Bank appeal

Article Abstract:

HDFC Bank, an upstart bank in India, has been growing at an impressive rate because of its technological-orientation and conservative banking policies. The bank, 26% owned by Housing Development Finance Corp. and 20% owned by UK-based Natwest Markets, counts among its clients many of India's top companies. It is also spearheading a program to introduce paperless trading in the country. The bank aims to expand its current network of 23 branches to 35 by March 1998.

HDFC Bank Ltd.

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