High interest rates no reason for defaults: Kidwai

"Default has less to do with higher EMI and more to do with attitude of a person", she told reporters.     

She was speaking in response to queries whether the recent hike in interest rates which has resulted in higher monthly outgo for home loan borrowers could lead to higher defaults.     

Kidwai said high interest regime is there only now. But credit defaults have been there for long.     

Meanwhile, referring to the possible relaxation in norms for foreign banks operating in India from April 2009 as per the roadmap drawn by the Reserve Bank, she only said the bank will wait and watch. The bank is growing organically that is a safe and sound strategy, she added.