Amid slowing economy, FM to review impact of rate cut with banks

Amid the ongoing festive season, finance minister P Chidambaramwill take stock of public sector banks performance on October 22 to assess whether credit is being provided to productive sectors, selected sectors of the economy are given boost and the lenders are able to rein in NPAs at these difficult times. He will also review interest rates on NRI accounts, which are special focus of the authorities after to take advantage of the rupee depreciation. The meeting, which comes weeks after the government agreed to infuse additional capital into banks to generate demand in consumer goods, will assess how the reduction in lending rates by banks in the last few weeks has helped credit off-take in two- wheelers andconsumer durables as well as in other sectors. 

Read more >> Click here