Nirmala Sitharaman said she will take up the matter with the finance minister about directing banks to pass on benefits of the rate cuts to the industry. Photo: Pradeep Gaur/MintNew Delhi: Commerce and industry minister Nirmala Sitharaman on Wednesday pitched for as much as 200 basis points, that is 2%, interest rate cut by RBI to help the cash-starved MSME sector. I have no hesitation to say, yes 200 bps, I would strongly recommend,” she told reporters in New Delhi. RBI, which has maintained key interest rate at 6.5% since April this year citing inflationary concerns, is scheduled to hold its next policy review on 4 October. Industry chambers like CII have been pressing for interest rate cut to boost manufacturing and economy as a whole.

Source: Mint August 24, 2016 15:45 UTC