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RBI cuts lending rate to prop economy, loans to become cheaper - The Times of India
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RELATED KEYWORDS: Reserve Bank Of India | Repo Rate | RBI | Rate Cut | NBFCs | Inflation | Home Loans | GDP Growth | Emis | D Subbarao | Crr
RBI cuts lending rate to prop economy, loans to become cheaper

PTI | Apr 17, 2012, 12.18PM IST
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MUMBAI: After a gap of three years, Reserve Bank governor D Subbarao on Tuesday slashed short term lending rate by 0.50 per cent to 8 per cent, a move that will reduce the cost of home, auto and corporate loans. The reduction in the repo rate at which RBI lends to banks, has been prompted by deceleration in growth and softening of inflation. The cut is aimed at spurring growth to 9 per cent levels, seen before the global financial crisis that began in 2008, Subbarao said while unveiling the annual credit policy here.
RBI on Tuesday slashed short term lending rate by 0.50% to 8%, a move that will reduce the cost of home, auto and corporate loans.
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"The reduction in the repo rate is based on an assessment of growth having slowed below its postcrisis trend rate, which, in turn, is contributing to the moderation in core inflation," the governor said. RBI has pegged the GDP growth rate for 2012-13 at 7.3 per cent. It is expected to be 6.9 per cent in 2011-12. After two consecutive cuts since January, the governor, however, retained the cash reserve ratio at 4.75 per cent. Subbarao, however, ruled out further reduction in policy rate in the immediate future citing persistent upside risks to inflation and possible fiscal slippages driven by higher oil subsidies. It expects the inflation to be around 6.5 per cent by March 2013. "It must be emphasised that the deviation of growth from trend is modest. At the same time, upside risks to inflation persist. These considerations inherently limit the space for further reduction in policy rates," he said. The decision is likely to prompt the banks to cut lending rates for home, auto and corporate loans, experts said. RBI has raised lending rates 13 times between March 2010 and October 2011 to contain inflation that had been hovering near double-digit. This had led to clamour by industry to cut rates and spur industrial and economic growth that has slowed down considerably during the past few quarters. In order to ease tight liquidity situation, Subbarao announced doubling the borrowing under the marginal standing facility for banks to 2 per cent of their deposits with immediate effect. It also permitted banks to borrow under the MSF even if they have excess government securities holdings. On the growth front, RBI expects FY'13 to be moderately better than the fiscal gone by. It has pegged GDP growth at 7.3 per cent, which is 0.3 per cent lower than the government projection for 2012-13. Growth in 2011-12 is seen at a 3-year low of 6.9 per cent. Even though spurring growth has taken the priority at the Mint Road, RBI continues to be worried about the inflation scenario, calling it as "challenging" due to the sharp spikes in crude prices and food articles in the recent months.
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Noting the moderation in manufacturing inflation, the governor pegged the annual overall inflation target at 6.5 per cent for FY'13 (which is 0.5 per cent lower than its projection for FY'12), saying the price rise will be range- bound through the year. Inflation was the key driver that guided the Reserve Bank to tighten money supply, and later hold rates during the past 36 months. The period also saw it inflicting 13 simultaneous hikes, by 3.75 per cent in repo rates over the 19month period, making it one of the most aggressive central banks in the world. Apart from hurting investment activity, the rate hikes severely hurt the retail borrowers as higher loan repayments put household budgets for a toss. RBI made a conscious effort at placating this class by reiterating that banks should not charge prepayment penalties from home loan borrowers. It also announced to set up a working group to assess the possibility of having long-term fixed interest products which will not be exposed to interest rate changes. As for the bank non-food bank credit, the apex bank sees it growing at 17 per cent this fiscal, (marginally higher than that of FY'12), and deposits at 16 per cent. Besides, RBI has set-up a working group under K U B Rao to look into all aspects relating to gold loan by NBFCs. "There has been significant increase in loans by NBFCs against gold in the recent period. There are also complaints against some NBFCs that they are not scrupulously following proper documentation process and know your customer (KYC) norms, among others, in order to quickly dispose off the cases relating to gold loans," RBI said. Gold imports have also increased sharply, raising macroeconomic concerns, it added. The working group is expected to submit the report by end-July 2012, it added. RBI will undertake the mid-quarterly review of the monetary policy on June 18 while first quarter review is scheduled on July 31.
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Readers' opinions (77)
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Worried Indian (India) 17 Apr, 2012 08:49 PM
Bonanza for the Builders & Banks and India is creating a bigger deficits and financial mess while the common man is burdened with ever rising cost of living which do not seem to come down but continue their spiral run upwards. We are becoming more and more debtors and do not seem to learn from the asset bubble and the recession of the West. Prices are already at unrealistic level. Instead of putting checks & balance they are creating deceitful hole. We are ruled by Economists who do not care for the common man but for their selfish goals and scams. We have inflationary growth story. Raise the prices of our needs and indirectly by doubling up prices; shows it as growth. It is indeed disappointing. God save India.
Agree (0) Disagree (4) Recommend (0) Offensive
Deepak (Bangalore) 17 Apr, 2012 05:14 PM
IDBI Bank even though it is nationalized, is charging 12% which is horrible.
Deepak (Mumbai) 17 Apr, 2012 04:50 PM
The RBI Governor is working on a misplaced assumption that mere reduction of rates will propel growth in the economy. Interest rates are sensitive towards inflation but not growth. What matters essentially is really the real rate of interest rather than the high interest rate as often pronounced now and then. The real rate of interest is the interest derived after taking into account the level of inflation. If interest rates are 9% and inflation is 10%, it means nothing and is only negative rate of return. When this is the scenario, it is not right for the RBI Governor to take up the cudgels of growth which is in the domain of the Government.
Karthik (Mumbai) 17 Apr, 2012 04:48 PM
RBI said.. Did banks say that they are going to reduce???
premakau (mumbai) 17 Apr, 2012 04:24 PM
This is what the RBI doing from the time of Igandhi.Print,print, print paper for one, the second reduce/ increase,interest rate/lending rate...They do not have any other way to deal with fiscal problems.They have been moving on the guidance of these ********politicians. To day they are in a place that the printed currency heap is of the size of Himalayas ,yet not enough.. This country is filled with rogues and ******** in the higher echelons..The RBI have been sharing the printed lot with the ruling and the opposition..from the time of Igandhi.that is for another.Close down the RBI,use the bundles that are locked up with out use in the dark rooms. take a/c of that.that would suffice for the next three 5year plans honestly done.
karavadiraghavarao (Vijayawada-) 17 Apr, 2012 04:23 PM Silver: 618
Making loans cheap does not necessarily increase growth and productivity.The Non Performing Assents of the Government Banks are now on a higher side.Unscrupulous Elements in Business and Indsutry exploit this situation. The unhealthy competition among the Government Banks is also being exploited by thes elements. Not only this Rival Economy on account of Black Money and Fake Currency are marginalizing the remedial measures of RBI
Indian (India) 17 Apr, 2012 04:21 PM
It is all politics. They raised interest rates to keep inflation down even at the cost of development. This was done to save the unpopular government. Now there is a brouhaha over reduced growth rate and government is feeling the heat, hence RBI has reduced interest rates.
RA (Pune) 17 Apr, 2012 04:21 PM
It was too late for the FM to realise that he is walking on the wrong path. He should have spoken to the RBI Governer in past and done this in Dec. The Repo Rate reduction is good thing. It also should follow with abolishing of GAAR so the markets also have some respite now.
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bhargava (mumbai) 17 Apr, 2012 04:18 PM
RBI has taken belated action by reducing bank rate. Iam sure unlike other economy this will not lead to increase inflation. Real culprit is Central Govt's fiscal policies-susidies and free distrbution of money to poor and minorites. This will not be stopped by Govt who keeping a eye on next election will not do away this. RBI can control only monetry policies not fiscal. With reduce rate of intt. growth will return and will benefit all including poor
Rohit (Mumbai) 17 Apr, 2012 04:16 PM
What is the use of reducing HomeLoans? The real estate has out priced the common buyer. Even investors are now looking for bakras to load off their over-priced matchbox 1-2BHK joke of an apartment. The prices have increased by 10-15% from one investor to another, and now the last investor standing is going to get f....d, because there are no end users buying them at these outrageous prices. In Mumbai (Navi Mumbai/Thane/Mumbai/VirarVasai, basically all developments happening on the outskirts like Virar/Panvel/Ulwe/Kharghar/Taloja/Dombivali/Vasindh/Palghar etc), there are thousands of building ready and a thousand more under construction/prelaunched. No one stays in any of the buildings. Everything is bought up by the investors, NRIs or Rich/Middle class Indians. If no end user buys it now and if the property appreciates 2x-3x times as the investors are thinking, who will buy them then? All these towns will be ghost towns like China. There are gazillions of concrete blocks - some half done, some fully done but no one lives there. Last October one of my friends bought a commercial property in CBD in the hope of partly renting it out and partly to use for his shop. So far no taker on rent and this guy is paying EMIs, month after month. Basic fact of the matter is, people forgot to appreciate the value of money. 10 lacs is nothing. I mean how can price of some thing increase 30 times in a matter of 8 years ? 30 TIMES... What costed 6 lacs costs 1.8 crores ? Come on now . Gimme a break! Guess it is already too late even to roll it back. Industries deserting Mumbai by dozens because of the mad real estate prices. There is neither logic nor reason why prices are 30 times their actual value. But the biggest fallout is the average mumbaikar whose job is at stake because as companies move out of the city, he/she has to either relocate or look for other options of livelihood.
Sufferer (Bangalore) replies to Rohit 17 Apr, 2012 04:35 PM
Very well said ...
KA (Singapore) 17 Apr, 2012 04:15 PM
I know most of us who took Home loans on Flexi (even fixed are not different for that matter) are stuck to pay EMis for good part of our life coz banks only increase the rate and dont do otherwise when RBI lowers the rate. However, I am writing this for the benefit of those who dont know below informaiton As per RBI guidelines, banks are required to lower the interest rate as and when the RBI cuts the rate. but Banks normally dont tell customer and There is a proecdure to re-adjust your loan as per the current rate of interest. You just need to fill up a form on 100 rs stamp and have to give a fee (I paid apprx 5500/- for my 10 Lac amount) and submit to bank, your loan will be switched to the current rate of interest. I am telling this from my personal experience from ICICI Bank. Check with your bank too. -KA
Radha (Mumbai) 17 Apr, 2012 04:11 PM
Government have waived off loans for Ambanis, TATAs and Mallaayas not for students who hail from middle class families. The government would suck the students till their lost drop of blood comes off. One of my family friend took loan off 2 lakh rupees for his higher studies for which the Banks are collecting 12-14 % interests. How cruel is this. On the other hand politicians are happy to cancel the loans for bigwigs.
india today (bangalore) 17 Apr, 2012 04:00 PM
All this type of drams will start now , because they have to start prepare fooling the people from now keeping the election in mind of 2013 or 2014 .
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Mohan (New Delhi) 17 Apr, 2012 04:00 PM
This indiscretionary move by the RBI Governor is totally uncalled for and out of sync with the economic scenario that is prevailing in the country. When the situation demanded a rate hike more than a rate cut, the RBI Governor under pressure from the FM, Corporates and bodies like FICCI, CII has succumbed and cut the rates even exceeding their expectation. For this great blunder by the RBI Governor which is against conventional economic logic, the common man who is already reeling under unprecedent price hikes will have more dosage of it. The red hot property market will inflate even further which in turn will propel rental values to new high. This will have a cascading effect on other commodity prices and India which is heavily dependent on imported fuel will have to bear the consequences of excess demand which will reflect in the form of increased import price. All this will be bad news for the Aam Aadmi. The Aam Aadmi plank of the Congress has got punctured and it can never retrieve the good will lost. The recent electoral reverses bears testimony to the fact that the Country has lost faith in Congress.
bhatrgava (mumbai) replies to Mohan 17 Apr, 2012 04:25 PM
You are poor in economics. RBI can control monetry policies not fiscal which is in hand of govt.Presnt inflation is from supply side and fact is what even President of USA daid that China and India are eating too much.Free wages under Narega and boom in real estae prices and to some extend growth of country have put too much money with public which is creating demand and inflation
Alok (Noida) replies to Mohan 17 Apr, 2012 04:21 PM
Do you have some understanding to Eco. The move was required to bring the growth of the Indian economy back on track.
savitha santosh (Bangalore) 17 Apr, 2012 03:58 PM
Does the interest rate decreases for the old customers or only for the new takers? Because, when they r increasing, they increase for both old & new but when decreasing, they say only for the new borrowers as if only ones repay & not the old ones.
ConcernIndian (India) 17 Apr, 2012 03:47 PM
Bonanza for the Builders & Banks and India is creating a bigger deficits and financial mess while the common man is burdened with ever rising cost of living which do not seem to come down but continue their spiral run upwards. We are becoming more and more debtors and do not seem to learn from the asset bubble and the recession of the West. It is indeed disappointing.
Patriot (corporateraj) 17 Apr, 2012 03:31 PM
The congress just seems to be hellbent on digging its own grave. It fails to realise that the drubbing it received in the recent elections is a sign of things to come. The common man is fed up of the high cost of living. The industry has been clamouring for a rate cut for quite a while now and the govt through rbi is bowing to their demands. This will result in inflation rising again. Property rates which had stagnated will start increasing again. Industry and the banking sector will benefit but they are not the ones who elect the govt to power. It is the common man who will decide who will rule the country in the next general elections. Prices of food have increased more than a 100% in the past five years and property prices have been artificially hiked by more than 500% in the past five years and the common man right up to the middle class cannot purchase property in the metro even after taking a loan. Most fruits have become a privilege of the rich. The politician-real estate mafia has crushed the citizens' right to accomodation. Since the govt is hell bent on accomodating the needs of the industry and the banking sector and is deaf to the pleas of the common Indian, it is obvious that a change of govt is imminent in the near future.
Prakash (mumbai) 17 Apr, 2012 03:28 PM
Subba Rao, Manmohan and Pranb Daada all are playing a crazy game in Indian economy. By fluctuating the market is only the motive behind this game plan and making a huge trade related profit on a contrary along with their mafia gang.
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THIRUMALAIBHUVARAGHAVAN (CHENNAI) 17 Apr, 2012 03:15 PM Gold: 868
Make India & Indians never grow and continue to make them casual labourers to the world. House loans, Auto loans etc., ah ah ha............ Give loans make them debt ridden and squeeze them out. As an Indian, My question is why should I buy a piece of land to live in my country. U greedy politicians, who re u dictate our life. As a Government, when u have failed to safe guard our interests, shirked responsibility and accountability in one and all fronts, now who are u to give us lands, homes on loans. What are u selling to people?Whose property U re selling? Ur looted property, illegally acquired property, inflated property, U want to liquidate now to people. Proven Cheats, mis appropriators, mis-managers. Get lost. We will sit together and evolve our strategies. U cannot sell ur gimmicks any more. Without sufficient answers to people of this country, U cannot move a thing. People are fed up. If U re dictated by some foreign hand, U be dictated. Don't thrust any of those dictations on us. We are no more bound and we will soon cease to be disciplined citizens.
How (INDIA) replies to THIRUMALAIBHUVARAGHAVAN 17 Apr, 2012 04:18 PM
HOW ?? WE SAY .. WE WILL MAKE CHANGES.. MY QUESTION IS HOW!!!! HOW !!! I DONT HAVE AN ANSWER PLEASE REPLY
THIRUMALAIBHUVARAGHAVAN replies to How 17 Apr, 2012 04:51 PM Gold: 868
Friend, Go back to History, U will understand how we have been cheated for 65 years by one group who thrived praising Gandhiji and one group which denigrated Gandhiji. Both now live life king size by following the policy of Dalhousie, ie., Divide and Rule. The restlessness among people then the Ceiling Land act was brought. This was just good enough for a short period and the Land sharks slowly grew and were patronised by parties in power. Money changed hands on demand for lands prime under states as per need. The avenues like Defence spending, subsidising (name sake), Health, Education were just to promote pilferage and never reached needy. Thus amassed cash was all invested on acquisitions of the Greed. Series of Scams off late which were exposed recently led to massive buying of Real estate. Illgotten wealth was eyed to reap huge profits. But this back fired, as the scam got exposed and the party involved had to pay back the illgotten currency which they did'nt have and hence needed to liquidate their investments, when the issue has become international. Sudden disappearance of leader from India claiming on medical grounds and sudden appearance after treatment are evidences for this. People by now had their hands tied and were left high and dry and pushed to a position of contention. The most expected take of in prices of real estate remained just on paper and ditched the greedy politicians. This is how is the situation stands now. Come the General Elections, take my word u will hear parties manifesto crying free houses, flats, lands to the voters. Please remain calm till such time. People who really do not have houses or who have only one house does not matter, be quiet and watch. Everybody will have a house to live in free with all amenities. Because being in power is so important for these parties, without power they will all die in a day.
HOW replies to
THIRUMALAIBHUVARAGHAVAN
17 Apr, 2012 05:18 PM
I RESPECT OF WHAT U SAY.. BUT AGAIN WHAT SHALL BE DONE TO IMPROVE THIS ..HOW HOW HOW !!!
THIRUMALAIBHUVARAGHAVAN replies to
HOW
17 Apr, 2012 05:43 PM Gold: 868
PM should address the masses immediately to explain the whole thing. Seal the borders, make the country closed to external interference. Sit with people to decide issues thread bare, arrive at a consensus and then accordingly do the needful. If as they say only for crude need we have to export then let us stop buying crude and export too. We have 834,000 BPD requirement from our own wells itself. We will fully use this very carefully for our important requirements and look for others sources of energy within. Mean time world also as a whole will feel our importance and come to us. We will by this time have our clear cut strategy with just inclusive growth and people's development in mind and then deal in an unanimous way.
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Mahesh PG (Bengaluru) replies to
THIRUMALAIBHUVARAGHAVAN
17 Apr, 2012 03:28 PM Agree (6) Disagree (8) Recommend (2) Offensive
It is not right at all. The loans have to be borrowed with some common sense. If you cannot pay why to borrow. Borrow it when you have the ability to spend on House not on fridges/motor Bikes,cars, tv's etc. you will have to be smart. i kept borrowing and invested in right way.
THIRUMALAIBHUVARAGHAVAN replies to Mahesh
PG
Gold: 868
17 Apr, 2012 03:40 PM
What is certain here, my friend? Uncertainty, instability all around coz of this corrupt ridden, irresponsible government. Except for people in power and people who work for power, no body is living in a certain guaranteed environment. I want a Government, which provides housing not sell realestate. Whose property by the way India is? I want Democratic Government and I do not want to be ruled by corporates.
kao (kollar) 17 Apr, 2012 03:06 PM
ICICI bank is the 1st to increase interest rate the moment RBI is thinking to go for hike and not even last to reduce (at time they don't even reducecompensate is the best word they use). Not sure why RBI has is so much soft corner to ICICI ..kayaal apna
yadav (chd) 17 Apr, 2012 03:02 PM
No any bank want give any benefit., I taken housing loan from OBC bank when they want increase interest then they increase without any information in midnight. When I go to for reducing the rate then they told me till date we have not received any notification from HO. So that is the way of foolish make fools.
guest (india) 17 Apr, 2012 02:45 PM
There hv been so many raises and cuts in the lending rates by RBI but still the economy has not grown to the required extent. It is high time that the economists do some research on new thinking and find out the real reasons for the economy not growing up. For me, the economy cannot grow as long as the performance standards dont improve from all sectors and Indians are very far behind against western counterparts,chinese,japanese etc. in this matter.We are highly crrpt,non-performing yet highly paid,high population, wastage of resources, political immaturity,inactivity from enlightened class, feudal mentality etc.New thinking and change in our lethargic attitude is needed to prop up the economy.
raj (chennai) 17 Apr, 2012 02:38 PM
Is it fuel the inflation?
Srinivas (Srinivas) 17 Apr, 2012 02:09 PM
All these is just game, 13 times increased in short span, an reduced twice around .75bps, what about the total increased percent? Still RBI need to work around and need to give strict instructions to all banks. Some of the banks are not reducing the percent even though RBI reduced?
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KV Suryanarayanan (Coimbatore) 17 Apr, 2012 02:07 PM
I am glad to note that RBI among other things has cut lending rates for home loans. I would request the RBI authorities to direct banks to give this benefit to all existing home loan borrowers. I am also happy to note that a working group would be set up to assess the possibility of having long-term fixed interest products for home loan borrowing, which will not be exposed to interest rate changes. In this connection, I wish to inform you that I had availed of a housing loan from Indian Bank, Coimbatore, on fixed interest basis. At the time the preliminary sanction was given, it was made known that the loan would be on fixed interest basis in accordance with my desire. However, after two months, when the official sanction letter was issued, it was designated as FLOATING RATE LOAN, which I did not notice until two years ago. I had not ticked the portion in the application form the type of loan I needed, though I had given Indian Bank a covering letter stating that I needed the loan on fixed interest basis only. Three years ago, my loan balance was Rs.13 lakhs. Now after three years also, the amount remains at the same level, in spite of the fact that an EMI of Rs.27,000/- is being recovered from me every month. I hope that the committee that will be constituted by RBI will look into such an anomaly and give relief to borrowers like me, who now are penalised with extended loan periods.
Karthik (Mumbai) replies to KV Suryanarayanan 17 Apr, 2012 04:51 PM
Rather than writing in Times of India discussion forum, advising you to write to the bank's ombudsman for the same. Also, suggesting you to get the amortization schedule from the bank. Loan amortization calculators are easily searched via google.
Mahesh PG (Bengaluru) replies to KV Suryanarayanan 17 Apr, 2012 03:34 PM
Mr.Suryanarayan I can't believe your story. How can 13 Lakhs remains as it is even if there is slight change with float or fixed rate! with 27000-00 you have paid 972000-00 in 3 years as you have stated. Something is basically wrong. Please consult Auditor!!!!
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Readers' opinions (77)

Agree (0) Disagree (4) Recommend (0) Offensive

Deepak (Bangalore) 17 Apr, 2012 05:14 PM

IDBI Bank even though it is nationalized, is charging 12% which is horrible.

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Deepak (Mumbai) 17 Apr, 2012 04:50 PM

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Karthik (Mumbai) 17 Apr, 2012 04:48 PM

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karavadiraghavarao (Vijayawada-) 17 Apr, 2012 04:23 PM Silver: 618

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Indian (India) 17 Apr, 2012 04:21 PM

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Sufferer (Bangalore) replies to Rohit 17 Apr, 2012 04:35 PM

Very well said ...

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KA (Singapore) 17 Apr, 2012 04:15 PM

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Prakash (mumbai) 17 Apr, 2012 03:28 PM

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THIRUMALAIBHUVARAGHAVAN (CHENNAI) 17 Apr, 2012 03:15 PM Gold: 868

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How (INDIA) replies to THIRUMALAIBHUVARAGHAVAN 17 Apr, 2012 04:18 PM

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THIRUMALAIBHUVARAGHAVAN replies to How 17 Apr, 2012 04:51 PM Gold: 868

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