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FM asks banks to cut interest rates

Finance Minister Pranab Mukherjee on Wednesday pushed for commercial banks to cut interest rates, saying the measures announced by the central bank to ease their burden were not getting adequately reflected.

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Finance Minister Pranab Mukherjee on Wednesday pushed for commercial banks to cut interest rates, saying the measures announced by the central bank to ease their burden were not getting adequately reflected.

"Between September 2008 and April 2009, RBI reduced the key policy rates and also reduced the CRR (cash reserve ratio) and SLR (statutory liquidity ratio) requirements for banks," Mukherjee told heads of public sector banks here.

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