Rate cut transmission improving: RBI Governor Shaktikanta Das

The transmission of RBI rate cuts from banks to customers has been improving, RBI Governor Shaktikanta Das said on Saturday. He added that the transmission of rate cuts have improved to 69 basis points because of the liquidity that has been maintained in the system, he added.

"We have given growth projection of 6% for the next year, which is in line with Economic Survey projection," he said while addressing the media on post-Budget meeting at Delhi. Finance Minister Nirmala Sitharaman and MoS Finance Anurag Thakur were also present during the address.

According to the Monetary policy committee report released on Feb. 6, the banks had transmitted only half of the benefits they got from the repo rate cut to consumers. The banks had 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.

For greater transparency, RBI board meeting minutes will be uploaded on the website, Das said.