The country's largest lender, State Bank of India (SBI), is keen on cutting interest rates to boost credit expansion, a top bank official said on Wednesday."All sentiment is building towards it (an interest rate cut)...we are keen to do it," the bank's chief financial officer Diwakar Gupta told reporters on the sidelines of an International Research Conference organised by the RBI. Without indicating the timeline for the rate cut, he said the bank would take a call on the issue after taking into account the "spreads and profitability". The RBI last month reduced the cash reserve ratio (CRR), the portion of deposits that banks are required to keep with the central bank, from 6% to 5.5%, releasing R32,000 crore of primary liquidity into the system.
Source: Financial Express
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