Business

SBI Sees No Rate Cut by RBI on August 4

New Delhi,July 17: State Bank of India, the country's largest lender, on Friday said it is not expecting a rate cut by the Reserve Bank of India (RBI) in the monetary policy review next month on account of slightly higher retail inflation.

"No I am not. I am not expecting any rate cut (by RBI)," SBI chairperson Arundhati Bhattacharya told to media.

"Wholesale Price Index (WPI) is negative but Consumer Price Index (CPI) has gone up a little. Though it is mainly on account of food prices. The RBI has been benchmarking it to the CPI numbers, I think it is unlikely," she said.

While retail inflation in June rose to an 8-month high of 5.4 per cent, the overall WPI-based inflation was (-)2.4 per cent in the same month.

The RBI mostly tracks the consumer price inflation for its monetary policy decision, and its next review is due on August 4.

The central bank has said it would watch out for the data, including inflation, and the monsoon progress before any change in its policy rates.

It would also wait for banks to pass on the benefit of three rate cuts during the year.

The RBI has cut policy rate thrice during 2015. The total reduction has been 0.75 per cent while banks have passed on an average 0.3 per cent to customers.

Last month, the RBI cut the repo rate (short-term lending rate) from 7.5 per cent to 7.25, but left all other policy tools like cash reserve ratio (CRR) unchanged at 4 per cent and statutory liquidity ratio (SLR) at 21.5 per cent.

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