New Delhi, April 07: As expected, the Reserve Bank of India on Tuesday held the repo rate unchanged at 7.5 per cent. The Cash Reserve Ratio (CRR) was also unchanged at 4 per cent.
While reviewing the policies, RBI Raghuram Rajan came down heavily on the banks for not lowering the lending rates to the customers despite the Central bank cuts the repo rates.
The RBI has slashed the repo rates from 8 pc to 7.5 pc between January and March this year. However, the leading banks like SBI, ICICI have not followed the policies and charged higher rates to the customers without giving them benefits of lower interest rates.
Urging the banks to cut the repo rates, Rajan said that the sooner the policies will be followed the economy will be better.