Interest rates expected to be stable for now: ICICI

"At this point of time I think no change (in interest rate) is seen," he told reporters on the sidelines of a presentation by renowned economist C K Prahlad.

Kamath said at this point of time the market has not judged which way interest rates are going, but if yield on 10-year Government bond is taken as an indicator, there is in fact a drop in interest rates.

Bankers and market players will need signals as to what is the true level of interest rates, he said. The Reserve Bank had last month announced a 0.75 per cent hike in cash reserve ratio to 8.25 per cent to reduce money supply in the banking system.

"Given drivers of our growth, impact of oil in day to day life is getting less. This is not to say that it is not a pain but pain could be borne," he said.