Finance Minister directs commercial banks to increase interest for depositors
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India finance minister asks banks to ensure credit flow to industry
And in the past year, some top managers have left the company. The board’s vice chairman, Tom de Swaan, is taking over as acting chairman of Zurich, Ackermann headed Zurich for little more than a year. He had spent more than a decade at Deutsche Bank, where he headed the investment banking division before becoming its CEO in 2002. His 10-year tenure in the top job was marked by ambitious profit goals and an increased focus on international investment banking, and he led the bank through the global financial crisis.
The minister said the move was to curb the current mismatch of rates banks charged borrowers and interest offered to depositors. Speaking in Choma yesterday at the official opening of an Investrust branch, Mr Chikwanda described the mismatch as a disincentive to would be depositors adding that it militated against the expansion of banking services. He said banks played an important role in national development by being institutional mechanisms for mobilisation of capital and channeling capital enterprises. In this process the terms, which is the interest rates at which the money is dispensed cannot be a matter of indifference because the cost of money determines various other costs in the economy. This is the principal consideration of Government assigning prominent consideration to seeing a drastic reduction in interest rates, he said.
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Credit: Reuters/Adnan Abidi NEW DELHI | Thu Aug 29, 2013 8:46am EDT NEW DELHI (Reuters) – Indian Finance Minister P. Chidambaram on Thursday asked state-run banks to ensure flow of credit to every sector of industry, indicating the need for funding projects amid an economic slowdown. The banks have been asked to assist industrial borrowers who were facing difficulties and be sympathetic towards genuine defaulters, Chidambaram told a parliamentary panel attached to the finance ministry. Economic growth virtually halved in two years to 5 percent in the fiscal year that ended in March — the lowest level in a decade — and most economists surveyed by Reuters in the past week expect 2013/14 to be worse.