Money & Banking

Rate cut is a step in the right direction: Syndicate Bank CEO

Anil Urs Bengaluru | Updated on August 07, 2019

"The 35 bps cut in the policy rates is a step in the right direction,” said Mrutyunjay Mahapatra, MD & CEO Syndicate Bank.

This combined with positive push to NBFC lending, consumer lending and the reduction in risk weight is expected to push the economy into a growth trajectory, he added.

The RBI had worked in the same way as major Central banks in developed and emerging market economies have dealt with policy rates. Going forward, this impact will be watched closely.

“As the banks start transmitting the rate cut, the target sector growth will determine the extent of further policy interventions in money and currency market," he explained.

Published on August 07, 2019

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