Will ensure banks pass on rate cuts to consumers: Sitharaman to India Inc

Last month, the RBI slashed the benchmark repurchase (repo) rate, the price at which banks borrow from the central bank, by 40 basis points to a historic low of 4%

Finance Minister Nirmala Sitharaman has assured that she will ensure banks pass on the rate cut benefits to consumers, so the interest burden on them eases, industry body PHDCCI said on Friday.

She was addressing members of the PHD Chamber of Commerce through a video conference here.

"Hon'ble @FinMinIndia @nsitharaman assured that she will personally ensure that #banks transfer benefits of the #ratecuts to end consumers at the earliest," PHDCCI said in a tweet.

Last month, the RBI slashed the benchmark repurchase (repo) rate, the price at which banks borrow from the central bank, by 40 basis points to a