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Bankers all praise for RBI
Bankers All Praise For RBI. Country\'s largest lender State Bank of India welcomed the second surprise rate cut by Reserve Bank and promised to take an appropriate call on its lending rates.
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Mumbai: Country's largest lender State Bank of India welcomed the second surprise rate cut by Reserve Bank and promised to take an appropriate call on its lending rates.
“We welcome the repo rate cut by RBI. Our bank will take an appropriate call of a cut in base rate by looking at all evolving circumstances,” SBI chairperson Arundhati Bhattacharya said in a statement. She said the government's commitment of qualitative fiscal consolidation as well as the agreement reached between RBI and the government on inflation targeting will ensure inflation to stay benign. “This will help the banks in their decision-making, she added. State-run Bank of Maharashtra's executive director R K Gupta said the rate cut shows the central bank's comfort about the quality of fiscal consolidation and is a positive for growth. Bankers have been criticised for not passing the benefits of previous rate cuts as well as the softening in money market rates to customers.
