RBI move to help banks cut rates - finmin aide
NEW DELHI (Reuters) - The Reserve Bank of India's reduction in policy rates will encourage commercial banks to lower their lending rates, Economic Affairs Secretary Ashok Chawla said on Tuesday.
"This is another reiteration of the signal from the Reserve Bank of India to banks and the credit market. There is scope for softening of interest rates," he told reporters.
The Reserve Bank cut both its policy rates by 25 basis points each at its policy review.
(For full coverage on RBI Annual Policy Review click here)
© Thomson Reuters 2009 All rights reserved
Dubai Debt Fears
Banks outside the Gulf played down their exposure to Dubai debt, after fears the emirate could default and even derail world economic recovery prompted a sell-off in global markets. Full Article | Slideshow
