ICICI Bank Managing Director and CEO Chanda Kochhar welcomed the Union Budget 2012-13 saying it is ‘pragmatic and credible’.

However, she expressed doubt whether interest rates can be lowered.

"The borrowing is higher than market expected. Tapping the subsidies, we have to really watch how it is done. I am not hopeful that the RBI will be able to cut rates in April," Kochhar said.