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Interest rates to be cut down
Posted on: 09/Apr/2016 4:26:03 PM
Banks will soon cut interest rates in view for the recent monetary policy easing by the Reserve Bank of India (RBI). The announcement was made by Economics Affairs Secretary Shaktikanta Das.
Speaking about this, Mr. Das said, Banks are autonomous and the government has given a very strong signal by maintaining the fiscal deficit at 3.5 per cent and resetting small savings rates. RBI has reduced the policy rate by 25 basis points. One would expect banks to take a policy call and I am sure they would do it in days and weeks to come. We would expect the banks to do a more effective transmission of rates. I do expect banks to take steps in that direction. India is moving towards a low interest rate regime as inflation is under control. We are looking at a regime of low interest rates, thanks to inflation being under control and various measures which the government has taken. The Centre is likely to introduce a Bill for dispute resolution in PPP projects and public utility contracts in the upcoming Parliament session. Parliamentary panel is too expected to submit its report on the Bankruptcy and Insolvency Code on April 29 and the government would also push for its passage in the upcoming session.
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