During her speech at the 11th SBI Banking and Economics Conclave 2024, Finance Minister Nirmala Sitharaman stressed the importance of reducing bank interest rates to make them more affordable.
She pointed out that the current high borrowing costs are impeding industrial growth and capacity building.
The Reserve Bank of India has maintained its repo rate at 6.50 percent for the past ten monetary policy meetings. However, in its October policy review, the RBI changed its stance from withdrawing accommodation to a neutral position, suggesting a potential shift in its approach to interest rates in the future.