Inflation eases to 26-month low in Jan
India's headline inflation slowed to its lowest level in more than two years in January as food prices fell, increasing the pressure on the RBI to cut rates to battle the country's economic slowdown. Full Article
Reuters Showcase
Reuters India Mobile
Get the latest news on the go. Visit Reuters India on your mobile device. Full Coverage
India's Chidambaram: Banks need to cut mortgage rates
U.S.'s next top dog
Two thousand dogs vie to be named "Best in Show" at New York's Westminster Kennel Club Dog Show. Slideshow
NEW DELHI |
NEW DELHI Dec 18 (Reuters) - Indian authorities will ensure that banks lower home loan rates of existing borrowers while paring rates for new borrowers, the former finance minister said on Thursday.
"We have now prevailed upon bankers to cut their home loan rates," Palaniappan Chidambaram, who is now the home minister, told lawmakers in parliament.
Replying on behalf of the prime minister, he said: "We are talking to the bankers....They must reset the loan rates for past borrowers also."
The PLR (prime lending rate) has been brought down and even the floating rates for home loan rates must come down, he added.
Only state-run banks have so far cut home loan rates after the central bank slashed its key lending rate by 250 basis points since October. (Reporting by Devidutta Tripathy and Manoj Kumar; Editing by Harish Nambiar)
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
Follow Reuters