FY'08 will be a tough year for banks: Indian Bank CMD

New Delhi, Sep 04, 2008 (Asia Pulse Data Source via COMTEX) -- INDIF | Quote | Chart | News | PowerRating -- Concerned over rising interest rates and slowdown in the economic growth, public sector lender Indian Bank today said that the current financial year will be a tough one for banks.

"2008-09 is going to be a tough one. We will try and I am sure we can handle the year well," Indian Bank Chairman and Managing Director M S Sundara Rajan said at an inauguration of bank's branch here.

Meanwhile, talking about interest rates and further tightening of monetary policy by the Reserve Bank, he said: "We will wait and watch." When asked whether the industrial slowdown would have an affect on the banking industry, he said, "I don't see any slowdown. Indian Bank is doing well. I expect the business to grow further." The country's Industrial production slowed down to 5.2 per cent in the first quarter of this fiscal as compared to 10.3 per cent in the year-ago period.

Indian Bank today opened another branch here taking its total number of branches to over 1,550 across the country.

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