FM tells banks to cut rates

FM tells banks to cut rates

BS Reporters / New Delhi/Mumbai January 5, 2008

Finance Minister P Chidambaram on Friday advised public sector bank chairmen, who met him in New Delhi for a first-half review, to lower both deposit and lending rates by 50 basis points and step up consumer lending to ensure the economy stays on track to grow at 9 per cent.

He, however, said he was conscious of the fact that any lending rate moves would be dependent on the Reserve Bank of India