Banks asked RBI to cut down rates

It has been reported that the banks have asked the the apex bank to reduce the repo rate – the rate at which apex bank lends money to other banks. Banks are facing slowdown in the credit growth therefore they want RBI to cut down the rate.

Growth in the loans have fall down to 11% from 16.8% and the deposit growth has stood at 13.6%.Last day the RBI has organized a meeting to discuss the issue with the deputy governor and representatives from several banks fund houses and microfinance institutions.

The repo rate, eight per cent as of now, has been unchanged since the central bank’s first bi-monthly monetary policy review in April.Raghu rajan stated that at present inflation is high and therefore it is difficult to slow down the rate.

SOURCE: rupeetimes

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