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FIEO reacts on announcement of banks decision to reduce interest rates
27
May '09
Mr A Sakthivel, President, Federation of Indian Export Organisations (FIEO) while commenting on the announcement of public sector banks' decision to reduce interest rates by 100-150 basis points, complimented the continuous efforts of the Government for cutting lending rates to achieve the larger objective of inclusive growth for the MSME export sector.

FIEO Chief elaborated that while there have been drastic reductions in the repo & reverse repo rates, the PLR's / BPLR's of banks have only shown a marginal reduction.Even with reverse repo falling below the savings rate by 25 basis points, banks had continued to 'park' funds through the 'reverse repo' window as a result RBI had to close one reverse repo window.

While expressing concern at the declining off take of credit, Mr Sakthivel hoped that with the banks reducing the effective rate of interest (PLR/BPLR) the off take of credit which stands 17.2% vis-à-vis 24.3% in 2008-2009 would improve to sustain the targeted GDP growth.

Federation of Indian Export Organisations

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