Interest rates likely to come down by 50 to 75 basis points this fiscal, said Mr. Aditya Puri, Managing Director of HDFC Bank.

On asking about RBI's policy stance after the Union Budget, Mr. Puri said, "Interest rate is not the panacea or the cause (for economic growth). Yes, It (lower interest rates) can help if inflation comes under control, which to an extent has and we saw some transmission with the 25 basis points cut (in RBI's key policy rates)."

Mr. Aditya Puri on the sidelines of HDFC Bank's credit card launch said that if the fiscal and the current account deficit come down during the course of the current financial year then there are possibilities that the bank would further lower its interest rates by 50 to 75 basis points.