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Article: Need for interest rate cut on auto finance: Srinivasan.
- Article from:
- PTI - The Press Trust of India Ltd.
- Article date:
- March 31, 2009
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Need for interest rate cut on auto finance: Srinivasan
New Delhi, Mar 31 (PTI) Newly-appointed CII President Venu Srinivasan, who is also the Chairman of TVS Motor Co, today said there is a need for interest rate cuts on automobile loans.
"I think so... Particularly two-wheelers are running at 23 per cent, way higher than inflation," Srinivasan told reporters when asked if there is any scope of further rate cut for auto loans.
He said lending to the auto industry for retail financing is not taking place because of laws and issues in repossession of vehicles.
"The government is working with the RBI actively to allow banks to repossess ...