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Coimbatore, Nov. 4 The high rate of interest is hurting the industries, particularly SMEs, and despite the indication of the Reserve Bank of India about softening of interest rates, the banks are postponing a decision in this regard, according to Mr Mahendra Ramdas, President, Indian Chamber of Commerce and Industry (ICCI), Coimbatore.

In a release, he said RBI had so far injected Rs 3,00,000 crore into the banking system through various measures such as reducing the repo rate, cutting CRR and SLR, however, banks were still adopting a ‘wait and watch’ attitude without reducing the interest rates to the required extent.

He said the companies, particularly the SMEs, were hit hard by the high interest rates and the high cost of credit was forcing industries to shelve expansion plans. Their working capital requirements were also affected and timely credit was a problem.

More Stories on : Interest Rates | Industry Associations | Tamil Nadu

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