Renu Sud Karnad, MD of HDFC ltd has said that interest rates have seen their season of hikes and any further hike in unlikely because they have already reached a ceiling point.

Banking and monetary regulator Reserve Bank of India had last raised policy rates in October by 25 bps, the 13th so far since March 2010.

"I think it (interest rate) has already reached the peak and I personally feel there should not be any more hike. The recent hike started hurting industry," Ms Sud Karnad said.

She said that inflation figures are expected to ease in April next year.

"There are inflationary pressures of course and it does not seem to be coming down. However, with steps being taken, we hope that by March-April next year, there should be some easing," she said.