Aptech has appointed former Barclays Bank executive Easwaran Krishnan as the new head for human resources
Learning solutions provider Aptech Ltd has said that it has appointed Easwaran Krishnan as the head for human resources.
As a new member of Aptech's HR team, Mr Krishnan will direct the company's human resources functions to ensure that they “align with the company's goals and objectives,” Aptech said in a release.
Mr Krishnan, with corporate experience of more than 15 years, was working with Barclays Bank PLC in Mauritius, as the head of HR for the retail and commercial bank.
Various banks have indicated that they may not pass on the increased cost to borrowers—due to the RBI’s tightened monetary policy—immediately, as liquidity still remains sufficient in the system
Retail and corporate borrowers can breathe easy as bankers today said that an immediate hike in lending rates is unlikely, although the Reserve Bank of India (RBI) tightened monetary policy by raising key rates.
“There was no surprise in the policy as RBI’s action was factored in by the market. Thus, there would not be any impact on interest rates and status quo would be maintained,” Central Bank of India executive director Arun Kaul told PTI.
The RBI in its monetary policy for 2010-11 increased short-term lending and borrowing rates and the portion of banks’ deposits to be held with it by 25 basis points each, in a move aimed at controlling the inflation spiral without choking growth.
The RBI also said that it expects inflation to come down to 5.5% by the end of this fiscal from near 10% now.
The apex bank hiked its repo, reverse repo (overnight lending and borrowing rates) to 5.25% and 3.75%, respectively, while the Cash Reserve Ratio—or the portion of deposits banks park with the RBI—to 6%, in line with analysts’ expectations.
The hike in CRR, which will come into effect from 24th April, will absorb Rs12,500 crore excess cash from the banking system. Banks have already indicated that they may not pass on the increased cost to borrowers immediately as liquidity still remains sufficient in the system.
“There wouldn’t be any short-term impact on interest rates as there is enough liquidity in the system and the credit off-take is subdued,” said IDBI Bank executive director Sushil Muhnot.
According to Oriental Bank of Commerce executive director SC Sinha, the RBI's steps would help in taming inflationary expectations. However, policy action would not translate into interest rate hikes immediately.
Interest rates could go up after there is substantial pick-up in credit, Mr Sinha said, adding that it could happen in a couple of months.
According to RBI's ‘Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks’ released yesterday, annual credit growth was 12.2%—half the pace recorded last year.
“I don't see interest rates going up before July. At this point, there is abundant liquidity in the system and liquidity is coming from overseas as well,” Yes Bank managing director Rana Kapoor said.
“The policy action would result in cost of funds going up which would be absorbed by the banking system. There would be very gradual transmission of policy action on retail borrowers, depending on the credit off-take during the course of the year,” Mr Kapoor added.
Royal Bank of Scotland country executive Meera Sanyal also said RBI's policy action would have limited impact as there is no dearth of liquidity in the system.
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