Softer rates ahead? ; Days after Reserve Bank of India (RBI) Governor Y.V. Reddy maintained status quo on key interest rates, several banks, led by the state-owned State Bank of India (SBI) slashed their prime lending rates (PLR) by 25 basis points.
Business Today, March, 2008 by Anand Adhikari
Days after Reserve Bank of India (RBI) Governor Y.V. Reddy maintained status quo on key interest rates, several banks, led by the state-owned State Bank of India (SBI) slashed their prime lending rates (PLR) by 25 basis points.
Was it mere tokenism to please Finance Minister P. Chidambaram, who has called for such a move, or a genuine effort to address the slowing down of retail credit flows, especially to the housing and auto sectors?
An ode to tokenism
Rising inflation may stop banks from travelling further down the rate cut road.
Financial institutions__ PLR
State Bank of India__ 12.50%
Canara Bank__ 13%
HDFC__ 13.75%
Axis Bank__ 14.75%
Rate cut for all: 0.25%
Source: BT research
Interestingly, not many...
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