India unaffected by subprime crisis, says Axis Bank

Bangalore, Jan 4 (UNI) There is no chance of spill over of the US subprime problem into India as the home loan accounts here ''remained in the safe zone'', Axis Bank Retail Assets Head Sujan Sinha said today.

Talking to UNI on the sidelines of the inauguration of 'Home For All Expo 2008' sponsored by the bank here, he said the retail portfolio of Indian banks, in which home loan accounts enjoyed a lion's share, contributed substantially to the overall growth of financial institutions.

Referring to Reserve Bank of India's (RBI) caution to banks against the aggressive disbursal of home loans, Mr Sinha informed that over 85 per cent of the Axis Bank's lending in home loan sector were to the salaried class.

The growth of the bank's retail segment was tremendous and home loan accounts were the main driver. ''Over Rs 6,000 crore had been lent to the housing segment last year,'' he said.

On the home loans expo, he said the bank expected to draw a wide range of customers during the three-day event.

UNI MV SJ 1310