Bank rates must be ‘far more affordable’: Finance Minister – Banking Finance

Finance minister Nirmala Sitharaman called for bank interest rates to be “far more affordable”, arguing that several people found the cost of borrowing “very stressful”.

Making a case for lower lending rates, she said that India required its businesses to ramp up and invest in new facilities so that the goal of “Viksit Bharat” can be achieved.

“When you look at India’s growth requirements, many voices are saying that the cost of borrowing is very stressful. At a time when we want industries to ramp up and move building capacities, bank interest rates will have to be far more affordable. So, we need to have a lot more conversation on this,” Sitharaman said at the SBI Conclave.

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