Financial Daily from THE HINDU group of publications
Friday, Mar 29, 2002
Financial Daily from THE HINDU group of publications Friday, Mar 29, 2002 |
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Interest Rates Money & Banking - Interest Rates Govt inclined towards softer rates: Sinha Our Bureau
NEW DELHI, March 28 THE Finance Minister, Mr Yashwant Sinha, has said that the Government will continue to maintain its bias towards a softer interest rate regime. Welcoming the 50 basis points cut in prime lending rate announced by State Bank of India (SBI), Mr Sinha said that banks should at the same time improve efficiency and reduce their costs. However, the Finance Minister said that the decision on a bank rate cut was entirely in the domain of the Reserve Bank of India (RBI). "It is RBI's duty to form the monetary policy. My duty is to form the fiscal policy," Mr Sinha said while speaking to newspersons at a function organised by Corporation Bank. The function was organised by the bank to mark the launch of its 101st ATM besides the launch of Corpsmart, a card combining an electronic purse and ATM card and the inauguration of CorpNet, the Internet banking facility for individuals. Mr Sinha, however, declined to divulge the Government's mind on the demands from the industry to roll back dividend tax. "Whatever I have to say on this, I will say in Parliament during the discussions on the Finance Bill," he said.
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