Diabytes
Rate Cut Benefits News
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The five-member panel, set up by the RBI to look into why lenders were not passing on central bank rate cuts, said in a report on Wednesday that banks "deviated in an ad hoc manner from the specified methodologies" for calculating the lending rates in order to avoid passing on the RBI rate cuts.
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The central bank plans to talk with lenders about passing on interest rate cuts through lower lending rates, Reserve Bank of India Deputy Governor S.S. Mundra said on Friday.
"We are waiting and watching if the banks pass on the benefits of the rate cut to consumers. Earlier also when the RBI cut rates they didn't pass it on," Maruti Suzuki India Executive Director (Marketing & Sales) R S Kalsi told PTI.
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