ICICI CEO Hopes No Indian Rate Cuts Soon

The chief executive of ICICI Bank Ltd India''s biggest private-sector bank, said on Feb 29, he did not expect the country''s central bank to ease interest rates soon. The policymakers have concentrated on inflation as the key target, Chief Executive K.V. Kamath said. India''s inflation rate, which in late October was below 3 percent, began inching up in recent weeks due to rising food prices. Data on Feb 29, showed annual wholesale price inflation in mid-February jumped to an eight-month high of 4.89 percent. To combat inflationary pressures, the central bank kept the short-term lending rate steady at 7.75 percent in the quarterly policy review last month, but said commercial banks could lower their rates.