Banks to cut lending rates after repo rate cut: IBA head

MUMBAI Tue Jan 29, 2013 2:35pm IST

A labourer works on the sign of a bank building in Ahmedabad November 26, 2010. REUTERS/Amit Dave

A labourer works on the sign of a bank building in Ahmedabad November 26, 2010.

Credit: Reuters/Amit Dave

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MUMBAI (Reuters) - Indian banks will cut lending rates after the central bank reduced its key interest rate by 25 basis points on Tuesday, the head of industry body Indian Banks' Association, K.R. Kamath, said in a post-policy conference.

State Bank of India Chairman Pratip Chaudhuri also said banks are likely to cut lending rates.

The RBI lowered its key policy rate for the first time in nine months on Tuesday, but struck a cautious note on further easing as it waits to see how the government's upcoming budget aims to bring a bloated fiscal deficit under control.

(For main story -- RBI cuts repo rate, CRR by 25 basis points, click here)

(Reporting by Swati Pandey; Editing by Prateek Chatterjee)

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