The RBI slammed banks for not passing on the benefits of lower interest rate to the customersSlow economic growth, lower inflation at sub-4% and rising global uncertainties have put the focus back on interest rates in India. As the Monetary Policy Committee of the Reserve Bank of India meets on October 4 to take a call on policy rates, a consensus seems to be eluding. With growth falling to a 3-year low of 5.7% in the April-June quarter, the industry has demanded further cut in the repo rate. The government, now scrambling for measures to boost the economy, hopes that the central bank would slash the rate. The RBI slammed banks for not passing on the benefits of lower interest rate to the customers.

Source: dna September 28, 2017 02:37 UTC