SBI pays heed to Rajan: Loans get cheaper

April 07, 2015 18:39

Just in: RBI chief Raghuram Rajan's message to banks for "not passing on the previous rate cuts to customers" seems to have been heard.

The State Bank of India has just reduced the lending rate by 15 bps to 9.85 per cent effective April 10.

Rajan said the RBI wanted to facilitate the transmission of rate cuts to customers. "When banks have to raise rates, they quote higher policy rates... Why don't they cut when policy rates go down," he said. Rajan kept policy rate unchanged even as he wanted banks to pass on benefits of previous two rate cuts.

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