 "Nirmala Sitharaman")
When Finance Minister Nirmala Sitharaman meets top management of private banks and financial institutions on Thursday, she might discuss external benchmarking of retail loans as mandated by the Reserve Bank of India (RBI) from October 1, and how banks were spreading awareness among customers about the move. The meeting will begin at 5:30 pm.
Concerned over poor transmission of interest rates by banks, the RBI had earlier this month mandated that all banks will have to link retail loans with an external benchmark, such as the repo rate. All lenders are supposed to introduce such products by October 1.
Sitharaman
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