Banks transmitted only half of repo rate cuts benefit to consumers

Even as the Reserve Bank of India (RBI) has been pressing hard the banks to transmit the rate cut benefits to the consumers, the banks have, till now, have transmitted only half of the benefits they got from the repo rate cut to consumers.

The banks have reduced the weighted average lending rate (WALR) by 69 basis points till now, according to the RBI Governor Shaktikanta Das. While addressing the reporters after the Monetary policy committee meeting, Das said that the RBI till now has brought down the repo rates by 135 bps since he took over as central bank chief.

RBI Governor said monetary policy transmission remains sizeable so far.