This refers to the report “Das, bankers may not be on the same page over passing rate cuts” (February 21). Let us face the reality. Time was when interest rates were regulated, but banks respected and listened to the Reserve Bank of India (RBI) sermons. Today, rates are deregulated and bankers know that the RBI is in captivity and is parroting the government of India’s wishes without applying its own institutional mind. In such a situation, why shouldn’t bankers take instructions directly from the finance ministry or from the politicians?
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First Published: Thu, February 21 2019. 21:23 IST