India's HDFC chair expects bank to cut rates again

The chairman of Housing Development and Finance Corp, India's largest mortgage firm, on Tuesday said that it expects the central bank to further cut its key policy rates in coming weeks. He expected that adding a cut may not happen immediately but could come after a few weeks. Pareikh further informed that banks have been depositing a surplus 400 to 600 billion rupees with the Reserve Bank of India on a daily basis.