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New Delhi, Nov 4: of funds and consumer demand.
RBI has infused Rs 2.7 lakh crore into the banking system through a reduction in CRR by 350 bps, SLR by 100 bps and the repo rate by 150 bps. Bankers said the cost of funds had declined by as much as 40 bps, giving them leeway to whittle down lending rates. “It is the right time to pass on the benefits to customers,” said SBI chairman OP Bhatt.
Small Industries Development Bank of India and National Housing Board, which also participated in the meeting, have asked the government for a special line of credit of Rs 10,000 crore each to meet the estimated demand by SMEs and the housing sector over the next six months. “RBI will examine the demand and a decision will be taken,” Chidambaram said....
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