RBI tells banks to pass on rate cut benefits

Mumbai, February 21

RBI Governor Shaktikanta Das today met bankers and discussed the delay in policy rates cuts to lending rates reductions.

The heads of PNB, Bank of Baroda, Bank of India, Bank of India, ICICI Bank, Kotak Mahindra Bank and IDFC First Bank, among others attended the meeting.

"The Governor said to us that there is a need to reduce our lending rates when the central bank lowers its policy rates, so that consumers benefit," said one of the bankers who attended the meeting. — PTI