Finance secy Rajiv Kumar to hold review meeting with public sector banks

Finance Secretary Rajiv Kumar will hold a review meeting with public sector banks (PSBs) on September 19 to discuss issues including following up on transmission of monetary policy rates.

The government is set to ask PSBs to expeditiously introduce repo-rate linked products “to step up affordable credit”, according to an agenda item of the meeting. 

The Reserve Bank of India (RBI) had earlier this month made it mandatory for banks to link all their fresh retail loans to an external benchmark, effective October 1 — the central bank’s repo rate being one such benchmark. Following the move, banks such as Punjab National