World Economy

SBI Says No Rate Cuts

SBI Says No Rate CutsSBI Says No Rate Cuts

Top public sector lender State Bank of India on Tuesday ruled out any interest rate cut for its borrowers, even as the Reserve Bank of India chided banks for not having passed the full benefits of the last three reduction in its policy rate, Business Today reported. SBI chairperson Arundhati Bhattacharya said any rate cut by the bank would depend on a lot many factors including credit growth and she does not see any room for any cut in the near future. RBI Governor Raghuram Rajan says that the headline inflation is at elevated levels and banks are yet to pass on the full benefits of previous rate cuts.