Letters: Time for aggressive steps

With reference to the editorial, “Reform floating rates” (October 6), cost of resources, overheads, risks and quality of assets generated as well as profits have direct bearing on lending rates. The basic need is to cut costs and improve efficiency and productivity, particularly in the case of public sector banks that account for over 70 per cent of the banking space.
 
While shrinking the cost of resources, banks should mobilise the more cost-effective ones, instead of cutting interest rates on term resources. This is necessary to ensure growth of household savings, which are significant for ushering in inclusive economic