Chidambaram says competition to force pvt sector banks to cut rates

Finance Minister P Chidambaram today said competition from public sector peers will force private sector banks in the country to cut their lending rates. “Private sector banks have not reduced interest rates, as promised by them at the meeting with the finance secretary. But I am sure they will cut interest rates because of pressure of competition from PSU banks, which have already cut interest rates by 75 basis points,” finance minister said addressing a press conference at the Delhi Pradesh Congress Committee office. Delhi is due to go to for assembly polls on Saturday.