In recent times, the RBI is taking various steps to control the sliding of the Indian Rupee against the Dollar. This has broght negative impact on Indian banking sector, according to Mr. Mehraboon Irani. During the interview with the Economic Times, a question was asked about the HDFC and the HDFC Bank. Mr. Irani replied that the shares of the HDFC have come down to 775 from 925 and the HDFC Bank from 676-680 to 605. He said that the shares have fallen, but not as expected. He further said that he would for a while to sell, since the same trend will not be for a longer duration. He said that the day of 25th July is the bad day for the banking sector in the country. He said that that day would be remembered for many years.
Due to the steps taken by the Reserve Bank of India, banking sector has been severely affected. The RBI has allowed the banks to shift their bonds to the (12.58) category and this is just a bank adjustment, according to Mr. Irani.