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Is RBI administering the wrong pill to bring down lending rates? | Latest News & Updates at Daily News & Analysis
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Is RBI administering the wrong pill to bring down lending
rates?
Monday, 30 March 2015 ­ 4:00pm IST | Place: Mumbai | Agency: dna webdesk
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It seems that RBI seems to be the panacea for all that is wrong with Indian growth story at the moment. Can it kick-start the growth alone or do banks and the government have a
role to play?
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Reserve Bank of India building in Mumbai File Photo dna Research & Archives
The industry wants, the banking sector wants it and the finance minister wants it. Reserve Bank of India (RBI) has already heeded to their
pressure, twice. There have been two rate cuts in India already in this new year but banks, barring a handful, refuse to lower their
lending rates. http://www.dnaindia.com/money/column­is­rbi­administering­the­wrong­pill­to­bring­down­lending­rates­2073090
2/11
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Is RBI administering the wrong pill to bring down lending rates? | Latest News & Updates at Daily News & Analysis
So, why lending rates aren't following RBI's footsteps? This leads us to the question whether RBI is administering the wrong pill for the
ailment. Even after two rate cuts that has brought repo rate (/topic/repo-rate) (the rate at which RBI lends money to banks) down to 7.5% from
8% lending rates continue to remain high and a cause of concern for India Inc and the government alike. But what this also tells us is that cutting down repo rates is not really an efficient way for RBI to bring down interest rates. Madan Sabnavis, economist, Care Ratings, in an emailed response, said, "When RBI lowers repo rate, the base rate gets affected to begin
with as it is a part of the calculation. The cost of finance through repo is very small and hence the base rate does not change
significantly." This is a sentiment echoed by a top ex-banker as well. The ex-banker, said, "Banks get their funds from variety of sources and borrowing
from RBI is generally a very small part of it. Therefore, lowering of repo rate doesn't affect the total deposit rate of banks (/topic/banks)
and that is why you are not seeing banks lowering lending rates." The banker went ahead to say that RBI must look at other avenues available with them to translate its action into tangible results. To be fair, banks have been saying the same. They argue that deposit rates need to come down first which will result in lowering of general cost of funds and that will bring interest
rates (/topic/interest-rates) down for lending. Sabnavis said, "When the repo rate was 8% the deposit rate averaged 8-9.25%, and with the repo rate at 7.5%, it averages 8-8.75%.
hence, while banks have lowered the rate, it may not be proportional due to fear of losing deposits. This year, growth in deposits has
been lower at 11% so far compared with 13.5% last year." Moreover, this presents another issue. If banks cut deposit rates quickly then it may result in capital flight as depositors might abandon
banks in search of other avenues that provide higher return like PPF and debt funds. Therefore, the fall in deposit rates is a slow process and its affect might not been seen for at least 9 to 12 months. In that case, what options does RBI have to bring down lending rates and kickstart investment in India? Sabnavis said ,"RBI can do little except lower repo rate or cut CRR. When CRR is cut liquidity increases and should lower rates. however,
if banks choose to reinvest in GSecs, then the liquidity situation returns to normal. As RBI cannot force banks to lower interest rates, it is
really left to them to take their time. that is what RBI maintains that the impact of rate cut is seen after 2-3 quarters. Hence we cannot
expect immediate cuts from banks. Besides as we are in march banks will not lower rates and offer higher rates to balance their books
due to year end." RBI even tried with cutting Statutory Liquidity Ratio (SLR) by 50 basis points in first week of February to provide more liquidity with the
banks. That too, has failed to move the cogs of the banking wheel. Although banks cite poor liquidity (among other issues) as a reason to hold on to high lending rates, an SLR cut in February provided an
additional Rs 45,000 crore but yet failed to impact lending rates in any way. http://www.dnaindia.com/money/column­is­rbi­administering­the­wrong­pill­to­bring­down­lending­rates­2073090
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Is RBI administering the wrong pill to bring down lending rates? | Latest News & Updates at Daily News & Analysis
Does this leave the RBI with any option? Sabnavis thinks no. He said, "I do not think they (RBI) have other options. SLR cuts do not matter
as banks are holding on to excess SLR already and this does not make much difference." Shubhashish
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#Reserve Bank of India (RBI) (/topic/reserve­bank­of­india­rbi)
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#Repo rate (/topic/repo­rate)
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#home loans (/topic/home­loans)
#Indian economy (/topic/indian­economy)
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Has RBI any autonomy in administering the right pill to manage lending rates? No. The Government is destroying the foundation of RBI in managing
monetary policy.
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Tripura government first demanded CBI probe in ponzy scam : CM Manik Sarkar (/india/report-tripura-government-first-demanded-cbi-probe-in-ponzyscam-cm-manik-sarkar-2073393)
Air strike kills at least 40 at Yemen camp for displaced (/india/report-air-strike-kills-at-least-40-at-yemen-camp-for-displaced-2073385)
SPORTS NEWS
World Cup 2015: Australians throw a gala Thanksgiving party (/sport/report-australians-throw-a-thanksgiving-party-2073306)
World Cup 2015: The good, bad and bizarre (/sport/report-bouquets-and-brickbats-for-world-cup-2073353)
2015: A cricket odyssey (/sport/report-2015-a-cricket-odyssey-2073376)
Ricky Ponting begins second innings (/sport/report-ricky-ponting-begins-second-innings-2073372)
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NEWS (/NEWS)
Is Prashant Bhushan mulling to form a new party? (http://www.dnaindia.com/india/report-is-prashant-bhushan-mulling-to-form-a-new-party-2073398)
Iran and six World powers entrenched as clock ticks to nuclear deadline (http://www.dnaindia.com/world/report-iran-and-six-world-powers-entrenched-as-clock-ticks-to-nucleardeadline-2073391)
ICICI, HDFC Bank cut bulk deposit rates by up to 0.25% (http://www.dnaindia.com/money/report-icici-hdfc-bank-cut-bulk-deposit-rates-by-up-to-025-2073397)
Rogue Catholic bishops plan to grow schismatic challenge to Vatican (http://www.dnaindia.com/world/report-rogue-catholic-bishops-plan-to-grow-schismatic-challenge-tovatican-2073392)
Tripura government first demanded CBI probe in ponzy scam : CM Manik Sarkar (http://www.dnaindia.com/india/report-tripura-government-first-demanded-cbi-probe-in-ponzyscam-cm-manik-sarkar-2073393)
SPORT (/SPORT)
World Cup 2015: Australians throw a gala Thanksgiving party (http://www.dnaindia.com/sport/report-australians-throw-a-thanksgiving-party-2073306)
http://www.dnaindia.com/money/column­is­rbi­administering­the­wrong­pill­to­bring­down­lending­rates­2073090
10/11
3/31/2015
Is RBI administering the wrong pill to bring down lending rates? | Latest News & Updates at Daily News & Analysis
World Cup 2015: The good, bad and bizarre (http://www.dnaindia.com/sport/report-bouquets-and-brickbats-for-world-cup-2073353)
2015: A cricket odyssey (http://www.dnaindia.com/sport/report-2015-a-cricket-odyssey-2073376)
Ricky Ponting begins second innings (http://www.dnaindia.com/sport/report-ricky-ponting-begins-second-innings-2073372)
Picking an ambidextrous World Cup XI across the years (http://www.dnaindia.com/sport/comment-picking-an-ambidextrous-world-cup-xi-across-the-years-2073383)
ENTERTAINMENT (/ENTERTAINMENT)
I Thought There Was Dignity In Silence: Rati Agnihotri (http://www.dnaindia.com/entertainment/report-i-thought-there-was-dignity-in-silence-rati-agnihotri-2073236)
Emraan Hashmi: It would be downright weird! (http://www.dnaindia.com/entertainment/report-emraan-hashmi-it-would-be-downright-weird-2073234)
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MONEY (/MONEY)
ICICI, HDFC Bank cut bulk deposit rates by up to 0.25% (http://www.dnaindia.com/money/report-icici-hdfc-bank-cut-bulk-deposit-rates-by-up-to-025-2073397)
Expect telecom cos to make spectrum payment on Tuesday (http://www.dnaindia.com/money/report-expect-telecom-cos-to-make-spectrum-payment-on-tuesday-2073396)
Jack Ma meets Modi; Alibaba to help small businesses in India (http://www.dnaindia.com/money/report-jack-ma-meets-modi-alibaba-to-help-small-businesses-in-india-2073395)
Equities rebound on bargain buying, firm global markets (http://www.dnaindia.com/money/report-equities-rebound-on-bargain-buying-firm-global-markets-2073378)
KKR step up rural play with Magma stake hike (http://www.dnaindia.com/money/report-kkr-step-up-rural-play-with-magma-stake-hike-2073374)
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