MUMBAI: Only three of India’s 45 commercial banks have cut base lending rates since the Reserve Bank of India’s surprise easing last month, hurting the government’s drive to lift business investment.
Bank executives insist they cannot lower loan rates despite the official rate cut because cash conditions are tight, and money markets are little changed since the cut, but RBI insiders see that as more an excuse to protect profit margins.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!