The bank had posted a 14.9 per cent rise in deposits in FY13, with the last two quarters witnessing headwinds, partly due to the bank's decision to test the market by lowering its offering.
The RBI's reluctance to cut rates should be seen as a case of inability in the face of inflation.
Despite the rating agency CARE withdrawing the ratings assigned to the bank facilities of FIPL "with immediate effect" following the receipt of a no-objection certificate (NOC) from the banks, Modi's company received uninterrupted letters of undertaking (LoUs) from PNB, which were honoured by other banks until a few weeks ago.
Tight liquidity will hit over-leveraged and cash-hungry companies, spare conservative ones
HDFC, the pioneer, ICICI, the game-changer, and SBI, the original teaser, turned the market on its head.
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