Will meet bank heads on Feb 21 on transmission of rate cut, says RBI Guv

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Union Finance Minister Arun Jaitley and RBI Governor Shaktikanta Das during the 575th Central Board Meeting of Reserve Bank of India in New Delhi, Monday, Feb. 18, 2019.

New Delhi: Reserve Bank Governor Shaktikanta Das Monday said he will meet heads of public and private sector banks this week to discuss transmission of interest rate cut to borrowers.

Speaking to reporters after Finance Minister Arun Jaitley addressed the board of the central bank, he said transmission of monetary Pis important.

He said he will meet the CEOs of public and private sector banks on February 21.

Earlier this month, the Reserve Bank cut the benchmark interest rate by 0.25 per cent to 6.25 per cent.

Commenting on mergers in the banking space, Jaitley said India needs fewer and mega banks which are strong.