Mumbai: Reserve Bank governor Shaktikanta Das Friday met the heads of public sector banks and reiterated his concerns over the "less-than-desired-level" of policy rate transmission by lenders. So far in 2019, the central bank has cut the repo rate by 75 basis points to 5.75 percent in three successive rate actions. At the June policy announcement, Das had said banks had passed on only 21 bps of the 50 bps rate cuts. Since then, banks like SBI, Corporation Bank, Oriental Bank of Commerce, Bank of Maharashtra and IDBI Bank, among other have lowered their lending rates by 5-10 bps. This story has been published from a wire agency feed without modifications to the text.

Source: Mint July 19, 2019 16:18 UTC