SBI Rules Out Rate Cut In Near Future

Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Mumbai, Aug 4 (PTI) Top public sector lender SBI today ruled out any interest rate cut for its borrowers, even as the RBI chided banks for not having passed the full benefits of the last three reduction in its policy rate.

    SBI Rules Out Rate Cut In Near Future

    SBI Chairperson Arundhati Bhattacharya said any rate cut by the bank would depend on a lot many factors including credit growth and she does not see any room for any cut in the near future.

    This came soon after the Reserve Bank kept its policy rates unchanged, with Governor Raghuram Rajan saying that the headline inflation is at elevated levels and banks are yet to pass on the full benefits of previous rate cuts.

    RBI has cut the rates thrice so far in 2015 by 25 basis points each. Rajan, who has used strong words against banks for holding on to rates in the April and June, today said banks have only cut 0.30 per cent at the median level as against the RBI s cut of 0.75 per cent this year.

    Commenting on this, Bhattacharya defended SBI's position and said that the bank had raised the rates by 30 basis points only 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.

    She, however, added that RBI's action has been on expected line and it was good that the central bank has retained a dovish stand.

    PTI

    Read more about: sbi interest rate
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more