We can tolerate non-performance, but not decline in ethics, says Deepak Parekh

"In India, we never had a flexible floating rate interest mechanism. We had only fixed rate mechanism for many years till the 90s. Later on as India developed and as financial sector improved and followed the global system, variable rate, flexible lending rates came, so we have both the products, fixed rates and floating rates and 99.9 percent people take the floating rate. So once floating rate became a phenomenon, all banks started doing mortgages, so today it is open for all," he mentioned.