"We have increased the home loan rates to protect our margins. This is 'lag correction' as the deposit rates went up by 0.5 per cent in the previous few months," K V Kamath, ICICI managing director and chief executive said on the sidelines of the annual conference on risk management organised by the Institute of Internal Auditors in Mumbai on Friday.
"We have been observing the trend in interest rates and they are expected to remain stable in the near future." Kamath said.
Asked about prospects of raising the rates of other consumer loans he said, "We will see. The decision will depend on maturity and character of the loans. There is no change in deposit rates envisaged as of now".
"The economic growth continues to be good and the projects worth Rs 2,50,000 crore (Rs 2500 billion) are in the pipeline," he said.
"There is a change in funding of corporate projects and our focus is now more on syndicating loans and providing transaction based service to companies," Kamath added.