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Banks should lower interest rates: FIEO
Federation of Indian Export Organisations (FIEO) on Wednesday said that it expected a reduction of 50 basis points in key lending rate this time, as inflation has cooled to record low level of 1.54 per cent in June. Inflation in May this year was 2.18 per cent, June last year, it was 5.77 per cent, while welcoming the repo rate cut by 25 basis points to six percent.
Hyderabad: Federation of Indian Export Organisations (FIEO) on Wednesday said that it expected a reduction of 50 basis points in key lending rate this time, as inflation has cooled to record low level of 1.54 per cent in June. Inflation in May this year was 2.18 per cent, June last year, it was 5.77 per cent, while welcoming the repo rate cut by 25 basis points to six percent.
Dr A Sakthivel, Regional Chairman, FIEO, said: “It will trigger hope of lower borrowing costs for the industry and provide positive momentum in the present gloomy economic scenario. Entire business community expected it, as the inflation is coming down. However, we urge the RBI to take necessary steps to see all banks cut its lending rates immediately.”
By Business Bureau
