Interest rates to remain stable for now: Kamath

New Delhi, May 8: Even as RBI's CRR hike sucks out Rs 27,500 crore from the banking system, CII President K V Kamath today said interest rates are expected to remain stable for now.

''At this point of time I think no change in interest rate is seen,'' he told reporters here. Bankers and market players need signals to what is the true level of interest rates, ICICI CEO said. CRR is the percentage of cash that banks must park with the RBI. The Reserve Bank of India, on April 29, had raised the cash reserve ratio (CRR) to 8.25 per cent from eight per cent, effective May 24 to reduce money supply in the banking system.

On spiralling global crude oil prices, which is hovering at about 124 dollar a barrel, Mr Kamath said its impact needs to be seen.

UNI