Jul 03, 2013, 04.21 PM IST
In light of gross NPAs of PSU banks having risen from Rs 71,080 crore to Rs 1.55 lakh crore as on December 2012, Chidambaram further said he has asked banks to review their lending rates. In response , SBI chairman Pratip Chaudhri said that Chidamabaram's guidance to cut base rate did not apply to the bank.
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Liquidity no problem; FinMin guidance does not apply: SBI
In light of gross NPAs of PSU banks having risen from Rs 71,080 crore to Rs 1.55 lakh crore as on December 2012, Chidambaram further said he has asked banks to review their lending rates. In response , SBI chairman Pratip Chaudhri said that Chidamabaram's guidance to cut base rate did not apply to the bank.
Like this story, share it with millions of investors on M3
Liquidity no problem; FinMin guidance does not apply: SBI
In light of gross NPAs of PSU banks having risen from Rs 71,080 crore to Rs 1.55 lakh crore as on December 2012, Chidambaram further said he has asked banks to review their lending rates. In response , SBI chairman Pratip Chaudhri said that Chidamabaram's guidance to cut base rate did not apply to the bank.
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In light of gross NPAs of PSU banks having risen from Rs 71,080 crore as on March 2011, to Rs 1.55 lakh crore as on December 2012, Chidambaram further said he has asked banks to review their lending rates. "Reduction in base rate will be a powerful stimulus to boost credit growth," he said adding that unless the base rate is cut, interest rates cannot be brought down.
In a response to the finance minister's comments, SBI chairman Pratip Chaudhri said that Chidamabaram's guidance to cut base rate did not apply to the bank. "Liquidity is not a problem, we have reserves of Rs 50,000 crore and the bank is in position to merge a subsidiary at this point," he told CNBC-TV18.
Chaudhri added that a CRR cut by RBI would be welcome and the bank would take a view on recapitalisation in Q3FY14.
(With inputs from PTI)
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