Finance Minister Arun Jaitley would meet the heads of PSBs today to review their banks quarterly performance
The government is expected to push public sector banks to pass on rate cuts to retail borrowers after RBI announced a 25 basis points or 0.25% cut on repo rate last week, according to a media report.
Finance Minister Arun Jaitley would meet the heads of PSBs today to review their banks quarterly performance..
During the review meeting, the Finance Minister will review the follow-up action taken on the recommendations made/decisions taken during the two day Gyan Sangam(Bankers’ Retreat) held in Pune in early January this year as well as progress made with regard to financial inclusion and Pradhan Mantri Jan Dhan Yojana (PMJDY) in particular. Issues relating to financing of Women Self Help Groups, Banking Sector Reforms and Atal Pension Yojana are also likely to come-up for discussion during the one day performance review meeting.
Among other things, the government may PSBs to pass on rate cuts to borrowers, the report added.
State Bank of Travancore (SBT) has announced that it will reduce its base rate by 10 basis points to 10.15% with effect from March 16.
The RBI had lowered the repo rate to 7.5% from 7.75%, three days after Jaitley presented the budget for 2015-16.
"Despite a generalised fall in the cost of funds, banks are yet to pass through these effects, as also the effects of the policy rate cut on January 15, into the spectrum of lending rates," RBI governor Raghuram Rajan had said.
Finance Minister Arun Jaitley would meet the heads of PSBs today to review their banks quarterly performance..
During the review meeting, the Finance Minister will review the follow-up action taken on the recommendations made/decisions taken during the two day Gyan Sangam(Bankers’ Retreat) held in Pune in early January this year as well as progress made with regard to financial inclusion and Pradhan Mantri Jan Dhan Yojana (PMJDY) in particular. Issues relating to financing of Women Self Help Groups, Banking Sector Reforms and Atal Pension Yojana are also likely to come-up for discussion during the one day performance review meeting.
Among other things, the government may PSBs to pass on rate cuts to borrowers, the report added.
State Bank of Travancore (SBT) has announced that it will reduce its base rate by 10 basis points to 10.15% with effect from March 16.
The RBI had lowered the repo rate to 7.5% from 7.75%, three days after Jaitley presented the budget for 2015-16.
"Despite a generalised fall in the cost of funds, banks are yet to pass through these effects, as also the effects of the policy rate cut on January 15, into the spectrum of lending rates," RBI governor Raghuram Rajan had said.
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