FM asks banks to step up lending as rates fall

Finance minister Nirmala Sitharaman has asked public sector banks to step up lending after Reserve Bank of India (RBI) cut key policy rates early this month and contribute to the growth of the economy.

- Subhash Narayan

The RBI cut its key repo rate by a larger-than-expected 50 basis points, as muted inflation gave policymakers room to prioritise growth amid global economic uncertainty. Sitharaman also urged banks to boost lending to micro, small and medium enterprises, improve deposit mobilisation, while also instructing financial institutions to scale up efforts under key schem