Unhappy with the pace of transmission of interest rate cuts, the Reserve Bank of India plans to direct banks to start providing loans linked to an external benchmark like the repo. Addressing bankers on Monday, RBI governor Shaktikanta Das said that some banks have already announced their intent to link lending rates to an external benchmark.
“The expectation is that banks will move faster on this. The time has come to formalise the linking of rates to an external benchmark. The RBI will work with banks on this and take the necessary steps in coming weeks,” said Das. He was speaking at the FIBAC seminar organised jointly by Ficci and IBA.
Unhappy with the pace of transmission of interest rate cuts, the Reserve Bank of India plans to direct banks to start providing loans linked to an external benchmark like the repo. Addressing bankers on Monday, RBI governor Shaktikanta Das said that some banks have already announced their intent to link lending rates to an external benchmark.
“The expectation is that banks will move faster on this. The time has come to formalise the linking of rates to an external benchmark. The RBI will work with banks on this and take the necessary steps in coming weeks,” said Das. He was speaking at the FIBAC seminar organised jointly by Ficci and IBA.
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