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इंडियन आवाज़     14 Apr 2024 06:22:03      انڈین آواز

No scope for cut in lending rates in near-term: Bankers

(Last Updated On: 05/08/2015)

AMN /

Bankers have reacted sharply over the status quo on repo rates in its third bimonthly policy review announced by RBI.They  have ruled out any immediate lowering of interest rates as the RBI maintained status quo on policy rates in its third bimonthly policy review announced Tuesday. Speaking to reporters in Mumbai, SBI Chairperson Arundhati Bhattacharya said any further rate cut would depend on a lot many factors including credit growth. While RBI governor Raghuram Rajan maintained that banks are yet to pass on the full benefits of previous rate cuts.The SBI Chairperson said the bank had raised rates by 30 basis points when RBI had hiked the policy rate by 75 basis points, and the reduction in the bank’s rate has also been 30 basis points when the central bank has cut the policy rate by 75 basis points.

ICICI Bank managing director and chief executive Chanda Kochhar said she expected easing of rates over a period of time as further transmission of accommodative monetary policy takes place. Agreeing that there is a lag in policy transmission; executive director, Bank of Baroda, K Venkata Rama Moorthy, said the bank may cut rates before the next policy meeting scheduled September 29. 2015.

Mr. Arun Kaul, the chairman in-charge of industry lobby IBA, said the banks have already passed 0.30 per cent cuts since April and today’s commentary from the RBI, coupled with the government move to recapitalise banks, will help lenders plan their loan book expansions better.

Meanwhile, Yes Bank MD and CEO Rana Kapoor said disinflationary forces are being reinforced by the government’s astute management of food economy and improved quality of spending which should create room for at least a rate cut of 50-75 bps hereon upto March 31, 2016

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