ICICI urges govt. to unveil borrowing plans

KOLKATA, INDIA: India's largest private lender ICICI Bank urged the government to spell out 'how it plans to manage its borrowings'.

K V Kamath, managing director and chief executive officer,  ICICI Bank, at the convocation of the Indian Institute of Management, said: 'There are concerns on the impact the government borrowings will have on liquidity, pushing up interest rates."

He said the government should articulate 'how it plans to manage its borrowings along with measures to encourage external inflows into the country through channels like foreign currency deposits by non-resident Indians'.

Kamath, who will step down as the CEO next month, said the regulatory system should be strengthened.

'There is a need to strengthen regulatory oversight, address large and systemically important institutions including non-banking financial institutions and develop healthy market structure,' he added.

Source: India PR Wire