RBI governor Das asks bankers to pass on rate cut benefits to consumers

Even after the last policy rate reduction, only two banks--SBI and Bank of Maharashtra--chose to do something, by lowering just one-fifth of what the RBI did

Reserve Bank governor Shaktikanta Das Thursday met bankers and appealed them to pass on lower lending rates to consumers.

The heads of Punjab National Bank, Bank of Baroda, Bank of India, Bank of India, ICICI Bank, Kotak Mahindra Bank and IDFC First Bank, among others attended the meeting, according to sources.

"The governor said to us that there is a need to reduce our lending rates when the central bank lowers its policy rates, so that consumers benefit," said one of the bankers who attended the meeting.

The meeting focused only on effective transmission of monetary policy, another banker who attended the meeting