Closely monitoring situation so that relief measures are percolated at ground levels: Sitharaman

The government is closely monitoring transmission of repo rate cut by banks to customers in terms of lower interest rates, Finance Minister Nirmala Sitharaman said in a video interaction with members of PHDCCI.

Nirmala Sitharaman, phd chamber of industries and commerce

Finance Minister Nirmala Sitharaman. (File Photo)

The government is closely monitoring transmission of repo rate cut by banks to customers in terms of lower interest rates, along with closely watching disbursement of loans under the announced scheme to provide Rs 3 lakh crore collateral free automatic loans for businesses, Finance Minister Nirmala Sitharaman said in a video interaction with members of PHD Chamber of Commerce and Industry (PHDCCI) Friday.

“We are closely monitoring the situation in consultation with banks so that relief measures announced by the Government are effectively percolated at ground levels especially the transmission of repo rate cuts to consumers in terms of reduced interest rates,” a Finance Ministry release quoted the FM as saying.

“Hon’ble @FinMinIndia @nsitharaman assured that she will personally ensure that #banks transfer benefits of the #ratecuts to end consumers at the earliest,” PHDCCI said in a tweet.