Cost of borrowing very stressful, banks need to make interest rates affordable: FM

Mumbai, Nov 18: Union Finance Minister Nirmala Sitharaman on Monday said bank interest rates are very stressful for some people, and steps are needed to make them affordable.

Amid widespread concerns about a possible slowdown in economic growth, the finance minister assured that the government is fully aware of the domestic and global challenges, and added that there is no need to have “undue concerns”.

“What is important is when you look at India’s growth requirements, and you can have so many different voices coming out and saying the cost of borrowing is really very stressful, and a time when we want industries to ramp up and move (to) building capacities, bank interest rates will have to be far more affordable,” Sitharaman said.

Speaking at the annual business and economic conclave organised by SBI, the minister also asked banks to concentrate on their core function of giving loans and added that the “misselling” of insurance products also indirectly adds to the cost of borrowing for an entity. (PTI)

Hot this week

Pay hike of Assam ministers, MLAs likely as 3-member panel submits report

Full report likely by Oct 30 Guwahati Sept 25: There...

Meghalaya Biological Park Inaugurated After 25 Years: A New Chapter in Conservation and Education

Shillong, Nov 28: Though it took nearly 25 years...

ANSAM rejects Kuki’s separate administration demand, says bifurcation not acceptable

Guwahati, Sept 8: Rejecting the separate administration demand of...

Meghalaya man missing in Bangkok

Shillong, Jan 10: A 57-year-old Meghalaya resident, Mr. Treactchell...

Meghalaya’s historic fiber paves the way for eco-friendly products and sustainable livelihoods

By Roopak Goswami Shillong, Oct 25: From making earbuds to...

Drastic decline in crime rates in Assam compared to 2021: Himanta

Guwahati, Aug 28 : Assam Chief Minister Himanta Biswa...

Manipur governor directs officials to implement health schemes effectively

Imphal, Aug 28 : Manipur Governor Ajay Kumar Bhalla...

Industrial output growth accelerates to 4-month high of 3.5 pc in July

New Delhi, Aug 28 : India's industrial production growth...

Won’t let anyone take away people’s voting right till I am alive: Mamata

Kolkata, Aug 28: West Bengal Chief Minister Mamata Banerjee...
spot_img

Related Articles

Popular Categories