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Should transmission have preceded RBI’s rate cut? –

Are we being unfair when we constantly fret over the slow transmission of interest rates. cut of only 25 bps-in October 2016 and August 2017. Hence, quite to the contrary, it appears that banks.

Wednesday, Aug 7 By T. Bijoy Idicheriah At the June monetary policy press meet, the Reserve Bank of India Governor Shaktikanta Das had said how the transmission of its initial 50-basis-point repo rate cut by banks to fresh rupee loans was 21 basis points already.

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Earlier this month, the Reserve Bank cut the benchmark interest rate by 0.25 per cent to 6.25 per cent. However, only a handful of banks, including SBI, have reduced their rates, that too by just 0.05 per cent. On the MSME restructuring scheme, Das said RBI recently announced a package for units having outstanding loans of up to Rs 25 crore.

However, this will have to be preceded with a cut in DRs. Though RBI’s stance on liquidity will help in transmission, right now they have only laid out the steps they will take.

"Transmission of this rate cut is required to reflect from banks to NBFCs and the benefit of the policy easing should reach customers for it to have any impact," said Rahul Mishra, Principal, A.T.

Banks have. a large cut (35 bps) I feel we will be burning through monetary policy space without much to show for it. While the real economy needs some support, we should wait for more transmission.

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The Reserve Bank of India (RBI) announced a rate cut of 25 basis points at its monetary policy meeting on 7 February, but there has been a lot of apprehension about how much of this will actually.

RBI Governor Shaktikanta Das said after the 35 bps repo rate cut, transmission of policy repo rate reductions to the weighted average lending rates (WALRs) on fresh rupee loans of banks had improved marginally since the last meeting of the Monetary Policy Committee (MPC).

As per the RBI, despite the reduction of 50 basis points in repo rate before today, the transmission by banks averaged just 21 bps in pricing of new rupee loans. In what should be a worrying sign, the rates in existing loans actually inched up 4 bps, indicating a fracture between policy rates and lending rates in the system.

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