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RBI cuts lending rate to prop

economy, loans to become cheaper 48

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.

RELATED KEYWORDS: Reserve Bank Of India | Repo Rate | RBI | Rate

Cut | NBFCs | Inflation | Home Loans | GDP Growth | Emis | D Subbarao | Crr

PTI | Apr 17, 2012, 12.18PM IST

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.

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"The reduction in the repo rate is based on an assessment of growth having slowed below its post-

crisis 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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Bonanza for the Builders & Banks and India is creating a bigger deficits andfinancial mess while the common man is burdened with ever rising cost ofliving 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 theasset bubble and the recession of the West. Prices are already at unrealisticlevel. Instead of putting checks & balance they are creating deceitful hole. Weare ruled by Economists who do not care for the common man but for theirselfish goals and scams. We have inflationary growth story. Raise the pricesof our needs and indirectly by doubling up prices; shows it as growth. It isindeed disappointing. God save India.

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IDBI Bank even though it is nationalized, is charging 12% which is horrible. Agree (0)

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The RBI Governor is working on a misplaced assumption that mere reductionof rates will propel growth in the economy. Interest rates are sensitive towardsinflation 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 thelevel of inflation. If interest rates are 9% and inflation is 10%, it means nothingand is only negative rate of return. When this is the scenario, it is not right forthe RBI Governor to take up the cudgels of growth which is in the domain ofthe Government.

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RBI said.. Did banks say t hat they are going to reduce??? Agree (0)

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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 haveany other way to deal with fiscal problems.They have been moving on theguidance of these ********politicians. To day they are in a place that theprinted currency heap is of the size of Himalayas ,yet not enough.. Thiscountry is filled with rogues and ******** in the higher echelons..The RBI havebeen sharing the printed lot with the ruling and the opposition..from the timeof Igandhi.that is for another.Close down the RBI,use the bundles that arelocked up with out use in the dark rooms. take a/c of that.that would suffice forthe next three 5year plans honestly done.

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Making loans cheap does not necessarily increase growth andproductivity.The Non Performing Assents of the Government Banks are nowon a higher side.Unscrupulous Elements in Business and Indsutry exploit thissituation. The unhealthy competition among the Government Banks is also

being exploited by thes elements. Not only this R ival Economy on account ofBlack Money and Fake Currency are marginalizing the remedial measures ofRBI

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It is all politics. They raised interest rates to keep inflation down even at thecost of development. This was done to save the unpopular government. Nowthere is a brouhaha over reduced growth rate and government is feeling theheat, hence RBI has reduced interest rates.

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It was too late for the FM to realise that he is walking on the wrong path. Heshould have spoken to the RBI Governer in past and done this in Dec. TheRepo Rate reduction is good thing. It also should follow with abolishing ofGAAR so the markets also have some respite now.

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Worried Indian (India)

17 Apr, 2012 08:49 PM

Deepak (Bangalore)

17 Apr, 2012 05:14 PM

Deepak (Mumbai)

17 Apr, 2012 04:50 PM

Karthik (Mumbai)

17 Apr, 2012 04:48 PM

premakau (mumbai)

17 Apr, 2012 04:24 PM

karavadiraghavarao(Vijayawada-)

17 Apr, 2012 04:23 PM

Silver: 618

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

RA (Pune)

17 Apr, 2012 04:21 PM

2 1 1




4/9

RBI has taken belated action by reducing bank rate. Iam sure unlike othereconomy this will not lead to increase inflation. Real culprit is Central Govt'sfiscal 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 notdo away this. RBI can control only monetry policies not fiscal. With reducerate of intt. growth will return and will benefit all including poor

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What is the use of reducing HomeLoans? The real estate has out priced thecommon buyer. Even investors are now looking for bakras to load off theirover-priced matchbox 1-2BHK joke of an apartment. The prices haveincreased by 10-15% from one investor to another, and now the last investorstanding is going to get f....d, because there are no end users buying them atthese outrageous prices. In Mumbai (Navi Mumbai/Thane/Mumbai/Virar-Vasai, basically all developments happening on the outskirts likeVirar/Panvel/Ulwe/Kharghar/Taloja/Dombivali/Vasindh/Palghar etc), there arethousands of building ready and a thousand more underconstruction/prelaunched. No one stays in any of the buildings. Everything isbought up by the investors, NRIs or Rich/Middle class Indians. If no end userbuys it now and if the property appreciates 2x-3x times as the investors arethinking, who will buy them then? All these towns will be ghost towns likeChina. There are gazillions of concrete blocks - some half done, some fullydone but no one lives there. Last October one of my friends bought acommercial property in CBD in the hope of partly renting it out and partly touse for his shop. So far no taker on rent and this guy is paying EMIs, monthafter month. Basic fact of the matter is, people forgot to appreciate the valueof 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 1.8crores ? Come on now . Gimme a break! Guess it is already too late even toroll it back. Industries deserting Mumbai by dozens because of the mad realestate prices. There is neither logic nor reason why prices are 30 times theiractual value. But the biggest fallout is the average mumbaikar whose job is atstake because as companies move out of the city, he/she has to eitherrelocate or look for other options of livelihood.

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Very well said ... Agree (6)

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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 onlyincrease the rate and dont do otherwise when RBI lowers the rate. However, Iam writing this for the benefit of those who dont know below informaiton Asper RBI guidelines, banks are required to lower the interest rate as and whenthe RBI cuts the rate. but Banks normally dont tell customer and There is aproecdure to re-adjust your loan as per the current rate of interest. You justneed to fill up a form on 100 rs stamp and have to give a fee (I paid apprx5500/- for my 10 Lac amount) and submit to bank, your loan will be switchedto the current rate of interest. I am telling this from my personal experiencefrom ICICI Bank. Check with your bank too. -KA

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Government have waived off loans for Ambanis, TATAs and Mallaayas not forstudents who hail from middle class families. The government would suck thestudents till their lost drop of blood comes off. One of my family friend tookloan off 2 lakh rupees for his higher studies for which the Banks are collecting12-14 % interests. How cruel is this. On the other hand politicians are happy

to cancel the loans for bigwigs.

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All this type of drams will start now , because they have to start preparefooling the people from now keeping the election in mind of 2013 or 2014 .

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bhargava (mumbai)

17 Apr, 2012 04:18 PM

Rohit (Mumbai)

17 Apr, 2012 04:16 PM

Sufferer (Bangalore) replies to Rohit17 Apr, 2012 04:35 PM

KA (Singapore)

17 Apr, 2012 04:15 PM

Radha (Mumbai)

17 Apr, 2012 04:11 PM

india today (bangalore)

17 Apr, 2012 04:00 PM




5/9

This indiscretionary move by the RBI Governor is totally uncalled for and outof sync with the economic scenario that is prevailing in the country. When thesituation demanded a rate hike more than a rate cut, the RBI Governor underpressure from the FM, Corporates and bodies like FICCI, CII has succumbedand cut the rates even exceeding their expectation. For this great blunder bythe RBI Governor which is against conventional economic logic, the commonman who is already reeling under unprecedent price hikes will have moredosage of it. The red hot property market will inflate even further which in turnwill propel rental values to new h igh. This will have a cascading effect onother commodity prices and India which is heavily dependent on imported fuel

will have to bear the consequences of excess demand which will reflect in theform 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 neverretrieve the good will lost. The recent electoral reverses bears testimony tothe fact that the Country has lost faith in Congress.

Agree (4)

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You are poor in economics. RBI can control monetry policies not fiscalwhich is in hand of govt.Presnt inflation is from supply side and fact iswhat even President of USA daid that China and India are eating toomuch.Free wages under Narega and boom in real estae prices and tosome extend growth of country have put too much money with publicwhich is creating demand and inflation

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Do you have some understanding to Eco. The move was required tobring the growth of the Indian economy back on track.

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Does the interest rate decreases for the old customers or only for the newtakers? Because, when they r increasing, they increase for both old & newbut when decreasing, they say only for the new borrowers as if only onesrepay & not the old ones.

Agree (6)

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Offensive

Bonanza for the Builders & Banks and India is creating a bigger deficits andfinancial 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 theasset bubble and the recession of the West. It is indeed disappointing.

Agree (10)

Disagree (2)

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The congress just seems to be hellbent on digging its own grave. It fails torealise that the drubbing it received in the recent elections is a sign of thingsto come. The common man is fed up of the h igh cost of living. The industryhas been clamouring for a rate cut for quite a while now and the govt throughrbi is bowing to their demands. This will result in inflation rising again.Property rates which had stagnated will start increasing again. Industry andthe banking sector will benefit but they are not the ones who elect the govt topower. It is the common man who will decide who will rule the country in thenext general elections. Prices of food have increased more than a 100% inthe past five years and property prices have been artificially hiked by morethan 500% in the past five years and the common man right up to the middleclass 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 hascrushed the citizens' right to accomodation. Since the govt is hell bent onaccomodating the needs of the industry and the banking sector and is deaf tothe pleas of the common Indian, it is obvious that a change of govt isimminent in the near future.

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Subba Rao, Manmohan and Pranb Daada all are playing a crazy game inIndian economy. By fluctuating the market is only the motive behind thisgame plan and making a huge trade related profit on a contrary along withtheir mafia gang.

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Mohan (New Delhi)

17 Apr, 2012 04:00 PM

bhatrgava (mumbai) replies to Mohan17 Apr, 2012 04:25 PM

Alok (Noida) replies to Mohan17 Apr, 2012 04:21 PM

savitha santosh (Bangalore)

17 Apr, 2012 03:58 PM

ConcernIndian (India)

17 Apr, 2012 03:47 PM

Patriot (corporateraj)

17 Apr, 2012 03:31 PM

Prakash (mumbai)

17 Apr, 2012 03:28 PM




6/9

Make India & Indians never grow and continue to make them casuallabourers to the world. House loans, Auto loans etc., ah ah ha............ Giveloans make them debt ridden and squeeze them out. As an Indian, Myquestion is why should I buy a piece of land to live in my country. U greedypoliticians, who re u dictate our life. As a Government, when u have failed tosafe guard our interests, shirked responsibility and accountability in one andall fronts, now who are u to give us lands, homes on loans. What are u sellingto people?Whose property U re selling? Ur looted property, illegally acquiredproperty, inflated property, U want to liquidate now to people. Proven Cheats,mis appropriators, mis-managers. Get lost. We will sit together and evolve ourstrategies. U cannot sell ur gimmicks any more. Without sufficient answers topeople of this country, U cannot move a thing. People are fed up. If U redictated by some foreign hand, U be dictated. Don't thrust any of thosedictations on us. We are no more bound and we will soon cease to bedisciplined citizens.

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HOW ?? WE SAY .. WE WILL MAKE CHANGES.. MY QUESTION ISHOW!!!! HOW !!! I DONT HAVE AN ANSWER PLEASE REPLY

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Friend, Go back to History, U will understand how we have beencheated for 65 years by one group who thrived praising Gandhijiand one group which denigrated Gandhiji. Both now live life kingsize by following the policy of Dalhousie, ie., Divide and Rule. Therestlessness among people then the Ceiling Land act wasbrought. This was just good enough for a short period and theLand sharks slowly grew and were patronised by parties in power.Money changed hands on demand for lands prime under statesas per need. The avenues like Defence spending, subsidising(name sake), Health, Education were just to promote pilferageand never reached needy. Thus amassed cash was all investedon acquisitions of the Greed. Series of Scams off late which wereexposed recently led to massive buying of Real estate. Illgottenwealth was eyed to reap huge profits. But this back fired, as thescam got exposed and the party involved had to pay back theillgotten currency which they did'nt have and hence needed toliquidate their investments, when the issue has becomeinternational. Sudden disappearance of leader from India claimingon medical grounds and sudden appearance after treatment are

evidences for this. People by now had their hands tied and wereleft high and dry and pushed to a position of contention. The mostexpected take of in prices of real estate remained just on paperand ditched the greedy politicians. This is how is the situationstands now. Come the General Elections, take my word u willhear parties manifesto crying free houses, flats, lands to thevoters. Please remain calm till such time. People who really do nothave houses or who have only one house does not matter, bequiet and watch. Everybody will have a house to live in free withall amenities. Because being in power is so important for theseparties, without power they will all die in a day.

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I RESPECT OF WHAT U SAY.. BUT AGAIN WHAT SHALLBE DONE TO IMPROVE THIS ..HOW HOW HOW !!!

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PM should address the masses immediately to explain thewhole thing. Seal the borders, make the country closed toexternal interference. Sit with people to decide issues threadbare, arrive at a consensus and then accordingly do theneedful. If as they say only for crude need we have to exportthen let us stop buying crude and export too. We have 834,000BPD requirement from our own wells itself. We will fully usethis very carefully for our important requirements and look forothers sources of energy within. Mean time world also as awhole will feel our importance and come to us. We will by this

time have our clear cut strategy with just inclusive growth andpeople's development in mind and then deal in an unanimousway.

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THIRUMALAIBHUVARAGHAVAN(CHENNAI)

17 Apr, 2012 03:15 PM

Gold: 868

How (INDIA) replies to THIRUMALAIBHUVARAGHAVAN17 Apr, 2012 04:18 PM

THIRUMALAIBHUVARAGHAVAN replies to How17 Apr, 2012 04:51 PM

Gold: 868

HOW replies toTHIRUMALAIBHUVARAGHAVAN17 Apr, 2012 05:18 PM

THIRUMALAIBHUVARAGHAVAN replies to

HOW17 Apr, 2012 05:43 PM

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7/9

It is not right at all. The loans have to be borrowed with some commonsense. If you cannot pay why to borrow. Borrow it when you have theability to spend on House not on fridges/motor Bikes,cars, tv's etc. youwill have to be smart. i kept borrowing and invested in right way.

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What is certain here, my friend? Uncertainty, instability all aroundcoz of this corrupt ridden, irresponsible government. Except forpeople in power and people who work for power, no body is livingin a certain guaranteed environment. I want a Government, whichprovides housing not sell realestate. Whose property by the wayIndia is? I want Democratic Government and I do not want to beruled by corporates.

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ICICI bank is the 1st to increase interest rate the moment RBI is thinking to gofor hike and not even last to reduce (at time they don't even reduce-

compensate is the best word they use). Not sure why RBI has is so much softcorner to ICICI ..kayaal apna

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No any bank want give any benefit., I taken housing loan from OBC bankwhen they want increase interest then they increase without any informationin midnight. When I go to for reducing the rate then they told me t ill date wehave not received any notification from HO. So that is the way of foolish makefools.

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There hv been so many raises and cuts in the lending rates by RBI but stillthe 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 reasonsfor the economy not growing up. For me, the economy cannot grow as longas the performance standards dont improve from all sectors and Indians arevery far behind against western counterparts,chinese,japanese etc. in thismatter.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 isneeded to prop up the economy.

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Is it fuel the inflation? Agree (10)

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All these is just game, 13 times increased in short span, an reduced twicearound .75bps, what about the total increased percent? Still RBI need to workaround and need to give strict instructions to all banks. Some of t he banks arenot reducing the percent even though RBI reduced?

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Mahesh PG (Bengaluru) replies toTHIRUMALAIBHUVARAGHAVAN 17 Apr, 2012 03:28 PM

THIRUMALAIBHUVARAGHAVAN replies to MaheshPG 17 Apr, 2012 03:40 PM

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kao (kollar)

17 Apr, 2012 03:06 PM

yadav (chd)

17 Apr, 2012 03:02 PM

guest (india)

17 Apr, 2012 02:45 PM

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17 Apr, 2012 02:38 PM

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17 Apr, 2012 02:09 PM

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I am glad to note that RBI among other things has cut lending rates for homeloans. I would request the RBI authorities to direct banks to give this benefit toall existing home loan borrowers. I am also happy to note that a workinggroup would be set up to assess the possibility of having long-term fixedinterest products for home loan borrowing, which will not be exposed tointerest rate changes. In this connection, I wish to inform you that I hadavailed of a housing loan from Indian Bank, Coimbatore, on fixed interestbasis. At the time the preliminary sanction was given, it was made known thatthe 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 yearsago. I had not ticked the portion in the application form the type of loan Ineeded, though I had given Indian Bank a covering letter stating that I neededthe loan on fixed interest basis only. Three years ago, my loan balance wasRs.13 lakhs. Now after three years also, the amount remains at the samelevel, in spite of the fact that an EMI of Rs.27,000/- is being recovered fromme every month. I hope that the committee that will be constituted by RBI willlook into such an anomaly and give relief to borrowers like me, who now arepenalised with extended loan periods.

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Rather than writing in Times of India discussion forum, advising you towrite to the bank's ombudsman for the same. Also, suggesting you toget the amortization schedule from the bank. Loan amortizationcalculators are easily searched via google.

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Mr.Suryanarayan I can't believe your story. How can 13 Lakhsremains as it is even if there is slight change with float or f ixed rate!with 27000-00 you have paid 972000-00 in 3 years as you havestated. Something is basically wrong. Please consult Auditor!!!!

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KV Suryanarayanan (Coimbatore)

17 Apr, 2012 02:07 PM

Karthik (Mumbai) replies to KV Suryanarayanan17 Apr, 2012 04:51 PM

Mahesh PG (Bengaluru) replies to KV Suryanarayanan17 Apr, 2012 03:34 PM



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