Indian public sector banks are likely to cut deposit and lending rates by 50 to 75 basis points within one week. Heads of public sector banks met Finance Minister P Chidambaram today to discuss the current fiscal situation in the country.
“The Indian Bank's Association has assured that some thing will be done very shortly,” Chidambaram said, briefing the media after the meeting.
State Bank of India is likely to take a decision on its lending and deposit rates tomorrow.
In the meeting, it was decided to extend Rs 10,000 crore each to Small Industries Development Bank of India and National Housing Bank in order to provide additional finance to small and medium enterprises and the housing sector.
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