In a rare display of spunk, some chiefs of public sector banks are standing up to their bosses in the North Block, even differing with them on rate cut, something you wouldn't have heard of in the past. At least two bankers have, in recent months, raised interest rates despite veiled — and at times, explicit instructions — from New Delhi to not do so. What's even more interesting is that these bank chiefs are close to their retirement.
For instance, State Bank of IndiaBSE -3.44 %chairman Pratip Chaudhuri raised lending rates — a token hike of 10 basis points to 9.80% — on Thursday, a day before Reserve Bank of India governor Raghuram Rajan announced his maiden policy review. Chaudhuri is set to retire at the end of this month. Similarly, BA Prabhakar, former CMD of Andhra Bank, raised rates just a fortnight before he retired in August.
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