Finance minister Yashwant Sinha today said it was for the Reserve Bank of India to decide on a bank rate cut. Speculation has been rife on a bank rate cut following the drop in the administered interest rates by 50 basis points in the Budget.
Welcoming the decision of the State Bank of India to cut its prime lending rate by 50 basis points to 11 per cent, Sinha said at the sidelines of a meeting organised by the Corporation Bank,