Dewan Housing Finance Corporation (DHFL) defaulted on Rs 1,150 crore payment post market on Tuesday. Keki Mistry, CEO of HDFC, shared his views and readings on the default and also his expectations from the central bank policy later today.
"There might be a kneejerk reaction in the market but don't expect DHFL issue to be as severe as IL&FS crisis," Mistry said on Thursday.
On the RBI monetary policy, Mistry said, “We would see 2 things. We will see a reduction in interest rate by 25 bps, that’s my personal view. We will probably also see some infusion of liquidity in the system which could be through either open market operations (OMOs) or maybe even a cut in the cash reserve ratio (CRR) rate by a quarter percent.”
“Liquidity over the last few days has started turning positive, the system liquidity but the risk averseness which is there in the market which is impacting the willingness of banks to lend money to many of the non-banking financial companies (NBFCs) that risk averseness needs to get corrected,” he added.
According to Mistry, sectors like real estate, housing are not getting credit; liquidity is still tight.
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