India's largest bank State Bank of India (SBI) on Tuesday said there is high demand for home loans, especially in the affordable housing segment.
In an interview to CNBC-TV18's Latha Venkatesh, Rajnish Kumar, chairman, said that home prices have come down and inventory is getting cleared, "For home loans, the growth is very good. SBI is still growing at 18 percent."
On the current economic slowdown, Kumar said, "If I look at the flurry of activity which is happening, as of now, even in the government, that means that Centre is fully aware of the situation and there is a sincere effort to correct the situation wherever they can intervene."
"Our economy, if you look at it, the demographics have not undergone a change. In many countries, demographics itself becomes an issue for reviving the economy. So, we are not in that situation. India remains an aspirational country,” he added.
Talking about demand slowdown, he said, “I am hearing from almost all sectors and in auto, it has been more pronounced. However, auto even last time when I spoke to you I had said that it requires deeper analysis, it may not be purely cyclical and there may be certain structural changes. We cannot ignore the fact that some newcomers have come and they have to stop booking as it was beyond their expectation. So the slowdown is evident in the auto sector."
About digital, he said, “We believe that India, as far as the digital economy is concerned, it is almost at par with anyone else. Many systems have been built, for example, payment system is a very unique system."
First Published: IST