Fair solution to rate transmission in the works: FM Nirmala Sitharaman

The finance minister told the industry it needed to introspect on how businesses are run and on Aatmanirbhar Bharat, for India to realise the full potential.

Finance Minister Nirmala Sitharaman said on Thursday the ministry has been in talks with the Reserve Bank of India as well as banks on why transmission of interest rate reduction was not happening at the pace at which it should. 

”The benefit of reducing interest rate should not be denied to the customer. The RBI is engaged with us. Hopefully, we will come up with some fair solution quickly," she said, while addressing a webinar on MSMEs organised by Chennai International Centre. She said she had been made aware of "reasons", but they were “not convincing”. 

Responding to complaints that private banks